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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (1776)	11/3/2003 10:02:21 AM
From: russwinter	Respond to of 110194

Thank goodness for that "implied government guarantee" isn't RDN, MBI and MTG involved in this crap too?: 7:59AM Fannie Mae mobile home loans cause for concern -- WSJ (FNM) 71.69: The Wall Street Journal's "Heard on the Street" column highlights investor concerns over its "deteriorating" $9 billion portfolio of manufactured-housing loans. The concerns stem from its heavy concentration of manufactured-housing exposure in securities from CNO, which filed for bankruptcy-court protection last year in part because of problems with mobile-home loans. Analysts worry its mobile-home investments could come back to haunt the co given the experience of the New York home-loan bank which had a loss come from its mobile-home holdings of just $1.6 billion. In addition, some analysts say Fannie Mae's manufactured-housing investments are large enough that any need to write them down or sell them could dent the company's earnings, or at least cause enough embarrassment to spur investors to look more critically at the company's other subprime holdings. In a filing with the S.E.C., the co said a quarter of its mobile-home securities are now rated triple-B, following recent downgrades, which suggests things are getting worse. However, there have been some signs of hope for the manufactured-housing business due to the inventory of repossessed mobile homes shrinking somwhat, suggesting the co's situation could improve eventually.