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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: Ramsey Su	12/9/2006 2:00:30 PM
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More questions on Ownit. latimes.com According to article above, it sounded like Merrill and JPM triggered Ownit’s demise. Are Merrill and JPM on the hook for these loans? Ownit was private so I don’t know if anyone is following it as a company. Is Ownit an originator who wholesales the loans to a larger originator(s) who then sells or securitizes to the secondary market, or did Ownit directly go to the secondary market? If the former, then there is net difference as the bigger originator simply steps in and fund all loans in progress. If the latter, then in theory the industry just lost a big player so the survivors would benefit by the removal of a competitor. thetruthaboutmortgage.com According to this article above, ownit originates the most toxic of the non-traditional loans. Would ownit’s demise shut down a whole segment of real estate sales which should never have happened in the first place, and trigger a wave of new defaults? prweb.com According to the PR above, CBASS has been servicing ownit mortgages since 2004. CBASS is top notch in handling “scratch and dents”. Could the defaults be deteriorating so rapidly that even CBASS got caught off guard and cannot salvage the mounting loan losses? Ownit supposedly had 800 employees nationwide. With all the talk of M&As and all the big boys wanting to get into the subprime business, is there NO VALUE to this network of 800 employees? What is that going to do to the Option Ones or the Ameriquests who are trying to sell themselves?

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