Countrywide was the poster child of the last housing run up and, eventual collapse. The subprime lender helped to create a large number of mortgages that ended up as Mortgage Backed Securities.
Now we see another company filling the shoes in this real estate market. Bank Ozk is starting to find some trouble. Last week, they wrote down two large loans. These loans were from a decade ago and probably should have been written down some time ago.
The question is how widespread is this. In each credit cycle we see companies trying to emulate someone.
Was Bank Ozk the one they were all copying?
Click on article to read full article.
Is the crisis going to start quietly, right under our noses before surprising everyone.
Great post!
Thanks for tasting the eden!
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Nowadays, the real estate market must be supported by loans. Investments are carried out at different risk levels.
Bank Ozk? Really? I definitely need to DMR on this one; as, it's the first I've ever heard of it. Oh, but do I recognize old Countrywide...I smh as I recall the promise to help Main Street, only to see old WS get saved from the 'dump'...
That said, mortgages are a racket; even though most people are smart to invest in real estate as opposed to toilet-flushed renting; but, it's all manipulative. Increased taxes, right-of-way properties are just a couple of ways to remind us of such. Even when property becomes 'owned' outright, it's still not a 100% guarantee...though, again...better investment than stock volatility. Yes, I am anti 401Ks, etc.
Peace.
sigan adelante