Likewise, Angelo Mozilo's Countrywide HQ in nice Ventura Co. Few defaults near beaches, many defaults in High Desert. Over-rated Diverse.
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When you can bundle mortgages into mortgage-backed securities ASAP, you are not betting on the mortgages being paid off. Not your problem.
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Large numbers of Hispanics have moved into OC over the last 20 years.
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and on selling the paper off their books before anyone figured out they couldn't afford such loans
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Also, Newport Beach had an active fixed-income securities industry. There was a local pool of mortgage trading "expertise".
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IIRC, it was the epicenter of new home construction in the already insane SoCal real estate market. Imagine each new McMansion as a MOAB.
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I thought the scenic Central Valley was Ground Zero for subprime. Why the hell else would anyone move to Stockton?
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I remember one Fake News media sob story article about an illegal alien landscaper who couldn't pay the mortgage for his $700k McMansion.
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