The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: nextrade! who wrote (6986)	11/21/2002 7:18:40 AM
From: nextrade!	Read Replies (1) of 306849

"They're supposed to be bullet proof," Investors in asset-backed securities are still questioning how bonds that had carried a top credit rating could now be worth just a fraction of their face value. Moody's Investors Service rated National Century's bonds AAA until Oct. 25. Credit Suisse First Boston underwrote the bonds, and J. P. Morgan Chase had two bankers on the National Century board, including Hal Pote, head of the audit committee. Deloitte & Touche audited the books. Both Bank One and J. P. Morgan were bond trustees. Most of these securities are backed by mortgages and other assets with relatively predictable cash flows. "They're supposed to be bullet proof," one specialist said nytimes.com

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