Saturday, March 17, 2007
Mommy, Why Are They So Smart Up in Canada?
Subprime is only 5% of the mortgage market north of the border. Canadian Mortgage Group says mortgage market is the "picture of health". I guess the investment banks in Toronto didn't have the same drooling ability that our investment banking chieftains had to jump head first into the mortgage securitization business and pump subprime to the hilt. Smart execs up there; greedy _______ (fill in the blank with plural expletive to describe Wall Street CEOs) down here.