Fourteen banks are going to lend $810 million to Conn's.
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Could share prices of the GSEs be going up because the details coming from the court proceedings in the Department of Justice's lawsuit against Bank of America and Countrywide are going to
Will today's hearings before Senator Levin's subcommittee on Capitol Hill with Goldman Sachs actually lead to some kind of change?
The Senators are having a good time grandstanding.
- Sen. McCaskill: "It is pure gambling. You are the gambler. You are the house....you have less oversight than a pit boss in Las Vegas...what worries you is a bad article in the Wall Street Journal. Not a regulator."
- Sen. McCain: "It is unethical, and the American people will have their judgment."
Morgan Stanley jumped into the subprime mortgage market in 2006. Now, they are getting burned.
We recently met in New York with representatives from a number of their departments. Their servicing staff was there for Saxon Mortgage. Morgan Stanley purchased Saxon in 2006 for $704 million. Saxon has been a "leading" subprime lender and servicer.
Morgan Stanley has already been hurt. In November 2007, they wrote down $3.7 billion in U.S. subprime assets. At