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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Giordano Bruno who wrote (351538)	12/20/2007 2:30:41 PM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 436258

i'd say no way, unless the fed starts making a market in it. and at this rate, they will. 2008 will be the unravel years of a 100 year old free market. get your bags of rice now and your ingots, and say goodnite gracie.

To: Giordano Bruno who wrote (351538)	12/20/2007 3:42:21 PM
From: ldo79	Respond to of 436258

If this was posted before - ignore.... ABX index postponed for lack of subprime deals By Alistair Barr, MarketWatch Last update: 4:28 p.m. EST Dec. 19, 2007 SAN FRANCISCO (MarketWatch) -- The latest version of the closely watched ABX index is being postponed, in yet another sign of turmoil in mortgage markets. The next series of the ABX, a synthetic index of mortgage-backed securities, was due to be rolled out on Jan. 19. But that's been put off for three months because there have been so few residential mortgage-backed securities issued during the second half of 2007, according to Markit, which helps run the index. Under current index rules, only five deals qualified for inclusion in the planned ABX.HE 08-1 index, Markit explained. "The dealer community considered amending the index rules to include deals which failed to qualify initially but decided against this approach at this time," the firm added. "Markit and the dealer community remain fully committed to the index and will update the market as and when appropriate." Markit's decision shows how badly the secondary mortgage market has been hit by the subprime-fueled credit crisis this year. As delinquencies and foreclosures on subprime mortgages soared this year, investors became wary of buying securities backed by these types of home loans. That's led to a slump in securitizations, leaving many mortgage originators in a difficult position. See full story. Mortgage-backed securities have to have an average weighted FICO, or credit, score of no more than 660 to be included in the ABX index. There are other criteria, such as the requirement that 90% of the underlying loans have to be first lien mortgages. ABX rules may be changed if mortgage securitizations don't pick up in the next few months. If enough new securities are sold, the new series will be rolled out with the current rules later, Ben Logan, a managing director at Markit, explained in an interview. End of Story