Subprime Mortgage Devastation
Forget about the economic effects of this meltdown, this article points out the reality that many neighborhoods around the country will soon be facing.
As an aside, I had been following a business for a little under a year called New Century Financial, a REIT (Real Estate Investment Trust) that was a provider of sub prime mortgages. Their dividend yield was outstanding and I even went through their annual report and the more detailed 10-Q statement. Seeing nothing wrong, I decided to add it to my watch list for a possible purchase.
That was when the stock was hovering around $40. Today, because of the crash, it's trading as a pink stock (de-listed) for under a buck.
Phew!
As an aside, I had been following a business for a little under a year called New Century Financial, a REIT (Real Estate Investment Trust) that was a provider of sub prime mortgages. Their dividend yield was outstanding and I even went through their annual report and the more detailed 10-Q statement. Seeing nothing wrong, I decided to add it to my watch list for a possible purchase.
That was when the stock was hovering around $40. Today, because of the crash, it's trading as a pink stock (de-listed) for under a buck.
Phew!
posted by Carlos P at 12:04 PM
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