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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Ramsey Su who wrote (46130)11/26/2005 4:40:29 PM
From: russwinter  Read Replies (1) of 110194
 
Loan 1 clearly, but I just think the quality of the non-subprime loans is dicey as well. Per the Fitch MBS surveillance update from July, 44% of all Alt A mortgages in 2004 were IOs, and heavily in Calf (43%). Only 33% of Alt A were full document, and 21% were non-owner occupied. The loan amounts are high as well, so 2% rate resets add up. I'll bet the loan to value in high priced states like Calf are lower than the averages.
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