Tuesday, January 08, 2008

Shitpile Update

Countrywide, ground zero for the issuing of the seeds of big shitpile, is down 17% on bankruptcy rumors.

Bond insurers MBIA and AMBAC are down around 15% on "increased deterioriation in the credit marketets." Learn the term "counterparty risk." There will be a test.

Pending home sales declined.

More slices of big shitpile have been officially recognized for what they are.