'Intelligent discontent is the mainspring of civilization.' -- Eugene V. Debs

Thursday, November 08, 2007

Washington Mutual: A Credit Crunch Case Study 

UPDATE: Credit default swaps for Washington Mutual, not pretty.

INITIAL POST: If you want to attempt to understand the credit crunch in all of its myriad forms, the Calculated Risk blog is essential reading. For example, consider this post about Washington Mutual and its alleged efforts to persuade appraisers to inflate the values of properties for home mortgages. Any attempt to summarize it would be a travesty. Read it, and all of the comments, and you will gain a shocking insight into the extent of the fraud associated with the housing bubble.

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