Subprime mortgages stories

If you're at all invested in companies doing subprime mortgages then you should know there's a risk, and you're buying stocks that pay dividends based on consumer goods you shouldn't see any drop in income.

In all the hand-wringing about problems in the subprime mortgage market dragging down stocks in the U.S., I have to wonder what's happening with American Equity Mortgage Company.

This company was started here in St Louis years ago by Ray Vincent and his wife. The importance of their respective roles has been argued at length, but there's no doubt that a lot of consumer awareness of this company was generated by the numerous radio commercials ending with how Ray pronounced the company phone number "ninety-nine, ninety-nine" in a sort of twang.

Years passed, and American Equity Mortgage made a lot of money going after the subprime market through radio commercials, and the Vincents' marriage came apart and wound up in divorce court. That's when Ray's radio voice was silenced, as the couple argued over who should get the money and the company.

That's not to mention the many other interesting aspects to their arguments -- him getting drunk and breaking up furniture, being thrown out of a Vegas casino, custody of their dog, her hiring a security service and then sleeping with the head of the company . . .

But there was a lot of money to split up. Finally, not long ago, their divorce went through. I think Ray got a lot of money but his wife retained control of American Equity Mortgage.

Now Ray's back on the radio with more radio ads and another mortgage company going after the subprime market, and another phone number with the last 4 numbers "ninety-nine, ninety-nine," though I've heard that his ex-wife is suing him over that, claiming it's an American Equity Mortgage. He claims it's a number and she has no right to keep him from saying a particular number, which makes sense to me.

Who says high finance is boring?


subprime mortgage lending
subprime mortgage lending