Wow – what a mess. It’s like an airplane urinal after a coast to coast flight.
Today, we got the first ‘give up’ an admission that a lender just can’t make it. I love their name – American Home Lenders (AHM). They sure lent. Like I always quote from Seinfeld – ‘You know how to maaaaake the loan, you just don’t know how to colllllect the loan.”
On Sunday it seemed obvious. I wrote:
For those homebuilder CEO’s that truly can’t manage their business, it’s over and they don’t realize it. I would be amazing to hear of a reorg or failure at this point. That would be something. I also meant the sub primers and banks :) .
Maybe in the next go around, the word ‘discipline’ will appear in lender’s names.
I hate financial companies. Licenses to print money and they still suck at running their businesses. Management should be shackled. Period.
Disclosure – Long MTH, ITB (idiot!)