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To: Dale Baker who wrote (978)	7/10/2007 8:57:51 PM
From: Dale Baker	Respond to of 1718

One set of offerings: US Broker-Dealer Circulating List Of Subprime Bonds For Sale DOW JONES NEWSWIRES July 10, 2007 4:02 p.m. By Danielle Reed Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Amid continued concerns about subprime mortgages, a broker dealer is circulating offerings for subprime mortgage-backed bonds - cheap, according to a source familiar with the offerings. In what one investor characterized Tuesday as a "fire sale," a broker dealer - which the investor said was John Devaney's United Capital Markets, a Key Biscayne, Fla., firm with assets heavily tied to subprime mortgages that recently stopped letting investors withdraw money from four hedge funds - circulated a list of subprime mortgage bonds for sale. Dow Jones Newswires received a copy of the list - known as an offering sheet - by e-mail. A spokesman for United Capital declined to comment. The low prices of the bonds may point to a continued broad-based cheapening of the whole subprime sector. Offering sheets are not the same as bid lists, in that the former are a routine way in which companies offer their inventory for sale, which they often do on a regular basis. Offering sheets list prices and identify the company that is selling the bonds. Bid lists, on the other hand, are more like auctions, and companies will - frequently anonymously - list bonds for sale without prices to see what the market will bring. The offering was for 11 different classes of bonds totalling $82 million, including $10 million in below-investment-grade subprime mortgage-backed bonds from an Ameriquest Mortgage issuer at 58 cents on the dollar. Other below-investment-grade bonds from separate issuers were listed as sold, with final offering prices for two such bonds listed at 45 cents and 28 cents on the dollar. There was also $32 million in AAA-rated bonds listed at 92 cents on the dollar.