I think that pic was shot when he opened the letter informing him of the new rate on his no money down mortgage.
12:13 Benchmark ABX subprime mortgage "BBB-" 07-1 index tumbles to 45 bid intraday record low, according to traders - Reuters Overblown. LOL
ABX subprime index near record lows By Leslie Wines Last Update: 1:31 PM ET Jul 16, 2007 NEW YORK (MarketWatch) - The ABX "BBB" 07-1 index, which gauges risk in the subprime mortgage lending industry, sank to near-record lows Monday, amid persistent worries about deteriorating loans in that industry. The index measures the performance of loans made dueing the second half of 2006, when many home purchase loans were made to buyers with shaky credit standings. The index traded around 44, nearly its weakest level ever. "The BBB- 07-1 vintage tracks loans that were originated at the end of 2006, a period where losses on subprime loans have been particularly steep," said Tony Cresenzi, fixed-income analyst at Miller Tabak.