Kyle Bass of Hayman Capital was one of the winners in the subprime debacle (identifying, and profiting from it). This is a lengthy read but oh so good - I am only through the first third; many of the same thoughts we post on a daily/weekly/monthly basis on Fund My Mutual Fund. If I communicated with readers once a quarter rather than on a daily basis, this quite possibly could be the exact same latter I'd be writing.
It's quite an amazing battle shaping up between those who live inside the Matrix versus the small band of us on the outside.
p.s. please note page 8 of the letter what Bass posts a cropped photo from the FHA website. I cannot make this up. Refinance or Purchase FHA Home Loans... NO CREDIT CHECK And this folks, is how you get a housing recovery - that we will all pay for in spades both on the front end and back end (read into that as you will)
[Make sure to zoom up to 100%, otherwise it's a bit difficult to read]