Symptoms of the Sub Prime

Top search on Google trends (ie, not the top search on Google, rather, the one which has shown the largest uptick in activity over the past hours or so): 

sell mortgage note

And, umm 100% of those searches were coming from Las Vegas. A place, as we know, which had one of the biggest bubbles and is now having the biggest deflation (or nhearly the biggest, at least).

6 thoughts on “Symptoms of the Sub Prime”

  1. That’s a pretty worrying thing to see on top of G’trends. Hopefully just a spike of curiosity about yet another dubious real estate practice.

  2. A joke that’s new to me is to refer to that city as “Lost Wages, Nevada”. I lead a sheltered life.

  3. In the US a mortgage consists of a promissory note secured (usually) by a Deed of Trust on the property. ‘Selling the mortgage note’ means selling the promissory note for cash. In today’s market this may be at a substantial discount .

  4. So, someone stands to clean up in Las Vegas if they have deep pockets, and no morals..?

    Well, what goes around….ahhh, you know the rest.

  5. BlacquesJacquesShellacques

    What is immoral about buying a discounted note?

    From a bank?

    Is it now immoral for a bank to lose money?

    Is it moral to force a business to keep assets it does not want? Sorry Mr. banker, even though you no longer want that Note, morality requires that you keep it. I don’t care if you would rather take my money, you must keep that Note.

    or perhaps the deep pocket guys and dolls going into Las Vegas banks with pistols ablazin’ demanding the Notes at a discount? The post suggests otherwise.

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