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I agree the game is probably over. However, sub-prime loans are not stupid. Most of these loans are not made to negligent or bad people. They are made to people who have credit blemishes. The lower FICO scores are usually due to temporary job loss, divorce, illness and even some bad luck...

The tragedy at New Century is a modern day “run on the bank” A couple of weeks ago everyone would agree the NC (NEW) balance sheet was fine. Their credit lines were substantial. Their thousands of employees were being paid and loans were being funded. Now because of the snowball effect...