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Micro-WRLDs Object for the 2nd Quarter, 2008
The Golden Sieve: WRLDs produces a series of images, which reflect the current WRLDsAnalogii story. Please go to WRLDsAnalogii to learn more about our new nomadic marketplace. Micro-WRLDs Objects and Prints are produced by WRLDs in limited editions. The Story During 2007 and 2008, everyone, (including those outside of the financial markets), became aware of the housing and credit crisis. As individuals struggle with the loss of equity and income, and many lenders fall to the wayside, there is a growing trend that we are calling, The Golden Sieve. More... Last month, during a conference for hedge fund owners and managers, several reports fell softly from the press. Of particular note was the announcement that a couple of hedge funds were gearing up to purchase unwanted mortgage notes, (whole notes, or loans, not slices of them as in CMO's). In addition, they were planning on purchasing foreclosed properties. A few weeks later, there was an announcement of a new company, put together by a consortium of hedge funds, called PennyMac. This is a play on the name, FreddieMac, which is a government sponsored organization that provides mortgage lending. It was one of the first organizations which made use of CMOs, (Collateral Mortgage Obligations). These financial instruments were created in the 1980's by a Wall Street mortgage broker. They have allowed many institutional investors to profit from purchasing slices of mortgages, and have been a fundamental component of the housing bubble. More... Now, the same groups who created the bubble, burst the bubble, and also profited as it burst, (through short positions), have created a new mechanism to profit from the remnants as they fall through their Golden Sieve. About the Print
18"W x 24"T, Giclee Print To order this print, or any WRLDs Objects, please go to the Order Page.
Click on the image to see it in more detail.
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