RE Loans filed for bankruptcy.  While this was inevitable, no doubt, it’s still a shock to the system.  Despite the fact that it’s our money, our lives and our futures, the real bankrupt entity is the Ng Family Dynasty.  They’re morally bankrupt.  They’re ethically bankrupt.  Yet they’re still out there doing business and tricking more suckers like us out of their hard-earned savings.

Maybe Led Zepplin said it best in “When the levee breaks”

If it keeps on rainin’, levee’s goin’ to break,
When The Levee Breaks I’ll have no place to stay.
Mean old levee taught me to weep and moan,
Got what it takes to make a mountain man leave his home

Equitatus posted the following a few minutes ago: Continue reading

Question For Those Smarter Than Us

On page 33 of the MF ’08 valuation dated September 8, 2010, Ms. Lerch writes the following:

“This is an indication of the net assets of RE Loans LLC.  But the security being appraised is a debt
security payable to noteholders rather than equity holders.  The securities at issue are the notes of RE
Loans LLC to its noteholders, and are appraised separately.  Nevertheless, it is one indication of value, in that the net asset value of RE Loans is $47 per dollar of book value.”

Question:  Why does the Mortgage Fund ’08 Valuation Report end with three sentences about RE Loans?

Can anyone answer this question?