Monday, May 23, 2011

Yeah Baby, Subprime is Back!

Let the Ponzi keep rolling (actually inject the Ponzi with stimulants and get the same old Zombies dancing again!)   

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Friday, May 20, 2011
Is the subprime industry poised for a rebound? Now, I know what some of you are thinking: “Paul, the Rapture is coming and it’s finally damaged your brain.” Maybe, maybe not. From all those CCD classes I attended as a kid, I know that when the Big Man comes it will be like a “thief in the night.” And no one knows when that thief might strike. But even if the world doesn’t end this weekend, we might be looking at a subprime Rapture of sorts. Follow my logic here. Very quietly (like a thief in the night, so to speak) a company called Springleaf has filed a registration statement with the SEC to raise $500 million. Its goal: to originate and buy nonconforming mortgages and “consumer loans” through its 1,100 branches. And who exactly is, Springleaf? Answer: It’s the old gang at American General Finance in Evansville, Ind., an AIG company, except that AIG only owns 20% of....

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