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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area

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To: tom pope who wrote (27077)	2/28/2007 12:21:38 PM
From: Crossy	Read Replies (1) of 37387

no, I don't get this impression.. the mortgage originators problems as I see it relates to the fact that some of their subprime debt had delinquencies and was pushed back onto them by their warehousing partners .. that is JPM etc.. And yes, ACA is also a "warehouser". This can be done if a subprime debt gets delinquent within a specified amount of time. the ABXs are packed into special purpose entities and sold further to institutional investors. As I see it the only risk there was in the "equity tranche" components that they took up so far and they purchased amply credit insurance on these early last quarter that's my impression. I'm sure Mr. Wilkomm (their treasurer, also responsible for IR) should be able to provide even more informed background info.. rgrds CROSSY

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