Hat tip to clearfund for sending this along:

Jim Klinge
Klinge Realty Group
Broker-Associate, Compass

Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
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The Household Mystery: Part II https://calculatedrisk.substack.com/p/the-household-mystery-part-ii
Recently there have been two papers that shed some light on this mystery.
...
Putting these two papers together - it is very possible that work-from-home drove some of the likely sources of household formation ...
Yes. Oh goody! I think the guy was at Countrywide if I am not mistaken.
Most of PennyMac is comprised of former Countrywide people. Profit from creating the problem, profit again from creating the “solution.” My favorite is the concept of securitizing NPLs. What’s the present value of a stream of future nonpayments?
S&P will rate the securitized npls AAA …
To be fair Kurland was gone in 2006, and it was Sambol who was so gungho for subprime and Alt-A.