This is just a quick update on the continuing saga at Bear Stearns. EMC Mortgage...

This is just a quick update on the continuing saga at Bear Stearns. EMC Mortgage Corporation, a wholly owned subsidiary of Bears Stearns, seems to be swimming in REOs. You can get the file yourself by subscribing to EMC Mortgage Corporation's Properties For Sale report or you can look at a Totaled Excel File Extract of Bear Stearns' REOs that I asked Bart at NowAndFutures to host. The choice is yours. Bart totaled the original 178 PDF for the benefit of all of us and came to a total of $779 million. Of course that is the 'book value' off all that stuff. We do not know what it is really worth on the open market or what the value supposedly was six months ago. But this is just a piece of the tip of the iceberg. The Mark to Market IcebergJohn Succo on Minyanville is writing Bear Stearns Fund Reveals Tip of the CDO Iceberg

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