Margin calls thrash Thornburg again

the real insanity will be when the vultures come in to buy all the paper at 15 cents on the dollar…then sell it back to the same current holders at 60 cents on the dollar 12 months later…

Try buying something for 217,000 in NYC, it will get you about 250 Sf feet if you hold up the seller with a gun at the closing.

TMA’s non-performing assets, at just 0.4% of its total portfolio are about the BEST in the industry. The banks and vulchers are squeezing because they know they can get away with buying good loans on the cheap. I remain a committed customer and shareholder.

When does this cascade effect reach retirement funds? Some now, others later when Standard and Poor quits propping up bond ratings. Buy your motorcycle, plant your garden and hang on fellow seniors…it’s going to be a bumpy ride.

We have become a nation of IDIOTS! We DESERVE this!

Give AmeriKAN’s MORE sports, More NASCAR, More brittney,

and they will do anything our ’so called’ ’sold out’ ‘leaders’ tell them!

They will Even march their boys off to fight other Nations wars!!!

On Average amerikans are paying almost :

30 % in Fed Income taxes (Avg)
15 % in social security tax
6 % state income tax (Avg)
10 % church Tax (tithes)

Thats 61 percent! add in sales tax, property tax,Gas Taxes, Various other Gov’t money grabs and it’s no wonder Amerikans are going down the toilet!
living on credit cards!!!!!!

In closing,

Don’t forget!!!! to give Israel AmeriKA’s GOD and MASTER another 30 billion in TRIBUTE money that WE the American idiots have to borrow and pay Interest on!

Proving my point,

We have become a NATION OF IDIOTS

Let’s see house prices increased beyond American’s capabality to pay for with $48,000 a year median wages.
People lost their houses showing that $250,000 price tags for the median house is way too high. So now houses are falling back to buyable levels which means only 3 times earnings.

Median house prices will stablize at about $150,000. We have a lot more house weatlth to lose before houses can be brought again. At $217,000 we still have 25 to 30 percent more to go.

Basically we are pretty much in a bad way. Soon local governments are going to get way less income as property owners walk away from houses which will led to government layoffs and increased property taxes on the rest of us which will cause even more people to lose their houses which will reduce property taxes even more and the cycle will continue for at least 4 years.

Welcome to the 22nd’s Great Depression.
Too bad we lost our manufacturing base to China which could have pulled us out of this mess. Now as people pull back on their spending more and more people will get laid off causing even more people to get laid off. But that is what happens in a tourist country when the tourists quit going there.

And with a service economy the USA is only a tourist economy nowadays.

The lenders always have an excuse for the problems they face.
We heard that there was no housing bubble and the wild lending was good the economy.
We heard that the upper end of mortgagees were fine, it was that rabble down at the sub-prime end that was causing the problem.
We heard lower interest rates would solve the problem by allowing borrowers to refinance.
… etc
Everything was tried, nothing worked
If the lender business was viable why would people be flooding into treasuries at 3.5% when they offer much more?
What’s happening is market recognition and the market is punishing bad behavior (economic), just as it rewarded the lender CEO’s with hundreds of millions in the good times.
Here’s an new idea, market lender securities to the former and current lender CEO’s.
Do you think you’d raise $1.00? I don’t.
The lender bailout will continue until the US taxpayer breaks, stay tuned, it’s coming.

Mark to market is destroying what remains of the A paper mortgage industry. TMA loans have lost a total of $1M in credit losses the past 12 years or so I believe, yet they must write down hundreds of millions in losses for loans they want to hold to maturity (and will pay in full).

Insanity.