Mamdani Needs to Catch the Value Capture Bus
New York Democratic mayoral nominee Zohran Mamdani has drawn both praise and sneers for his free bus proposal. As detailed
Hat-tip to The Automatic Earth blog for this tidbit, from a recent investment fund memo. Although a majority of subprime mortgages have already seen their rates reset, there are a slew of other adjustable rate mortgages that are not technically subprime but that are likely to produce a huge new wave of foreclosures when their interest rates reset in 2010 and 2011.
The whole memo is well worth reading.