is this what the fed wanted? will this compel bernanke to act? tma's going away. it was the best lender in the country and it defaulted tonight. it most surely now goes under - thanks ben!
did bernanke want the most responsible jumbo lender in this nation, tma to go belly up? what an amazing turn. i really thought they could make it; in fact, i almost bought some last year at 9 - glad i didn't. they had beaten back the problems last fall and actually reinstituted the dividend, but they were not able to get any cash from anyone because there is no cash to lend for mortgages that have any credit risk.
this one is just sickening. tma's not a chartered bank, so it had no deposits, and it was at the mercy of others, like it was some dumb hedge fund or something.
but in the end, it was a toxic situation. what a damn shame.