CA CC blooper

Contra Costa


It has been the year of the subprime mortgage meltdown, tainted spinach, toy recalls and the housing slowdown. In fact, 2007 was singularly lacking in stellar business moments.

Here are some examples of bloopers, slip-ups, miscalculations and full-on pratfalls taken by unfortunate companies, executives and financial experts in 2007.

First, although this "oopsie" pales in comparison with, say, spilling 58,000 gallons of bunker fuel into the San Francisco Bay (we'll get to that one in a minute), we're leading with this prediction for reasons that will become obvious.

Christopher Cagan, who at the time was director of research for Santa Ana-based First American CoreLogic, said the 7.7 million adjustable-rate mortgage loans made since 2004 would not have a significant effect on the economy when the loans adjusted and payments went up.

"It's unpleasant, but it will not break the economy or the real estate market," Cagan said. He made the prediction in 2006, but the true extent of this blooper -- as thousands of individuals lost their homes and lending institutions suffered huge losses -- became apparent this year.