FLASH!!!! Cramer Has a REAL Interview?

Posted 2007-04-10 18:53
by Karl Denninger

Incredible!

Annaly Capital Management (NLY) has just spent time on Cramer's show talking about how we've not even seen the first few innings of the homebuilding and housing bust!

And listen up folks - he said one thing - "Triple A" credit will be the only thing that survives.

Triple A is not "ALT-A". Its not stated income. Its not liar loans. Its not high DTV, 80/20s, or any other exotic product.

Its standard, old-fashioned, 36% Back End, 80% LTV, 20% hard cash down-payment, 30 year FIXED mortgage paper.

He also made it clear, as I have been - this bubble is bigger than tech and far more intertwined into the economy.

You still think that my call of a "Top" - and a coming major problem in the economy and markets - was premature - or perhaps even completely wrong?

Hmmmmm.... it would appear that Annaly Capital Management - a firm actually in the space and which has actual knowledge of what's going on - sees the trouble.

Look out folks.

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