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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Pogeu Mahone who wrote (92600)10/22/2007 11:05:35 AM
From: TommasoRead Replies (1) of 306849
 
The thread is starting to sound like a temperance union.

From the New York Times story:

A re-evaluation of payments by trustees who oversee the debt obligations is part of a long, complex chain reaction that is caused by the surge in mortgage delinquencies and home foreclosures. As more homeowners fall behind on payments and lose their homes, the pressure builds on large pools of mortgages that issue bonds to investors. Many of the riskiest of those mortgage bonds have been bought by the C.D.O.’s, which issue bonds of their own.

These SIVs are starting to suspend monthly payouts. Well, obviously to continue them would be to make payments out of principal instead of income, since the income is failing. Any mutual "rescue" effort may resemble the allocation of lifeboat seats on the Titanic.
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