You Can't Make This Stuff Up

Here's a good one...Impac Mortgage Holdings posts a quarterly loss that is 24 times their market capitalization. That's like Warren Buffett losing about a trillion and a half dollars.

Irvine-based Impac Mortgage Holdings Inc. posted a staggering $1.2 billion third-quarter net loss on Thursday, nearly 10 times as large as the struggling company’s losses a year earlier.
Impac, which acquires mortgages as investments and had made home loans itself before quitting that business in the third quarter, has lost $1.5 billion for the first nine months of the year.
The loss is massive given Impac’s interest income of $313.8 million for the quarter and its recent market value of about $50 million.

Here's another good one...

Fitch Places 173,022 MBIA-Insured Issues on Rating Watch Negative
Concurrent with its related rating announcement earlier today on MBIA Inc. (MBIA) and its financial guaranty subsidiaries, Fitch Ratings has placed 173,022 bond issues (172,860 municipal, 162 non-municipal) insured by MBIA on Rating Watch Negative.

As the great Jim Grant said, the "subprime" problem has been contained - to planet Earth.