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The defaulted-loans business is "fabulous" and "much better than the competitive nature of subprime," Jim Cramer said on TheStreet.com TV's Wall St. Confidential Web video Thursday.
Back when Cramer was working at Goldman Sachs(GS Quote), American Southwest Mortgage Group was a savings and loan company that was being defaulted.
At that time there was an opportunity to sell $1 billion worth of American Southwest mortgages, and even though the paper was worthless, "the number of buyers that you saw ... was remarkable," he told Gregg Greenberg, the host of Wall St. Confidential. ...
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