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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 (55183)3/3/2006 7:41:18 PM
From: russwinter  Read Replies (2) | Respond to of 110194
 
Alt As use aggressive toxic loans more than the norm, and low geographical diversity.

From the Fitch MBS surveillance report:

Alt A, 2003-2005 vintage:

-about 40% in Calf.

-average FICO was about 712, so this outfit at 694 is a tad more aggressive.

-roughly half are ARMs

-lots of IOs, about 40% in 2004-2005, 10% neg ams.

-about 20% non-owner occupied, so may be seeing more speculators in this group?



To: Ramsey Su who wrote (55183)3/4/2006 1:34:36 AM
From: John Vosilla  Read Replies (1) | Respond to of 110194
 
Golden West/World Savings has to be under much greater pressure this time out. They didn't have much competition for ARM's 15 years ago. Can't believe they didn't have to cut a few corners to get the biz the past year or so either.. Collateral for these extreme valuation levels in CA further compound the problems


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