Review Mortgage Lenders

AAA Mortgage Money

You Want Triple AAA, Just Give Me Some More Money

Roughly shows how banks and rating agencies are/were working together. Original video at: www.youtube.com First uploaded by: www.youtube.com First ...

The Lone Hero Of The Financial Crisis

On Friday, September 29, came the news that the risibly named Financial Stability Oversight Council had voted overwhelmingly to rescind AIG’s designation as a “systemically important financial institution” – that is, that the government in its wisdom no longer regards the company as a threat to the broader economy.

I wish Bob Benmosche could have seen this. Indeed, I choose to believe he did.

Bob Benmosche was and remains the only genuine hero to emerge from the great financial crisis of 2007-09. He took the helm of the most hated and reviled corporate entity of the day (recipient, in one form and another, of a hitherto unimaginable $182 billion in taxpayer bailout funds); led rather than managed it back to the forefront of American financial institutions; and paid back every cent of taxpayer money, along with a significant profit. What renders this story heroic is that, from the very first day of Bob’s tenure as CEO of AIG, he was the only person on earth who genuinely believed that all this could – and indeed should – be accomplished.

A big deal in nonprime mortgages proves leery investors are finally hungry again

That is because while investors are hungry for yield, they are still very skeptical. The ratings agencies are as well. That makes it difficult for companies like Angel Oak, and its competitors — Lone Star and Deephaven Mortgage — to issue large quantities of nonprime MBS.

Nonprime securitizations today are far less risky, consisting of loans that were underwritten far more stringently. Angel Oaks' securitization does consist of both fixed- and floating-rate loans.

"In addition to borrowers that had prior credit events, our loans are also for borrowers who are self-employed," said Lauren Hedvat, capital markets director at Angel Oak. "They are of high credit quality, but they are not able to access mortgage products by the more traditional bank routes."

The senior tranche of this securitization, making up 62 percent of the loans, is AAA-rated by S&P and DBRS, according to the company. Four other tranches are offered to investors, with the lowest rating (5 percent of the loans) at BB. The loans are non-qualified mortgages, a designation by the Consumer Financial Protection Bureau, which set up strict rules for mortgage underwriting after the housing crash. These loans would not be eligible for purchase by government entities Fannie Mae, Freddie Mac or Ginnie Mae (which buys loans backed by the FHA). That doesn't mean, however, that they are particularly high risk.

If Obama really wants to get Iran, why not send Morgan Stanley over to show them how to make money?

They could do the same thing to Iran that they did to Iceland.
Tell them that they will trade them the revenue stream from Mortgage Backed Securities which are rated AAA by Moody and the S&P in exchange for their oil revenue.

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