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Just When You Thought You Knew Something About Mortgage Securitizations

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Tue, 07/12/2011 - 05:35 | 1447011 john310
john310's picture

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Sat, 07/02/2011 - 05:31 | 1421027 cole
cole's picture

In Spain when you ask for a mortgage at a bank, you respond with your personal guarantee and even all your assets and not just the mortgage of the mortgaged property as in USA or England.
Hipotecas

 

Tue, 06/14/2011 - 04:56 | 1367128 kummar
kummar's picture

"Investors outside the U.S. bought 43.1 percent of the $1.41 trillion of notes and bonds sold by the Treasury Department this year, compared with 27.1 percent of the $527 billion issued at this point in 2008, government figures show.""Investors outside the U.S. bought 43.1 percent of the $1.41 trillion of notes and bonds sold by the Treasury Department this year, compared with 27.1 percent of the $527 billion issued at this point in 2008, government figures show."

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Tue, 05/31/2011 - 00:29 | 1324485 kummar
kummar's picture

"Investors outside the U.S. bought 43.1 percent of the $1.41 trillion of notes and bonds sold by the Treasury Department this year, compared with 27.1 percent of the $527 billion issued at this point in 2008, government figures show.""Investors outside the U.S. bought 43.1 percent of the $1.41 trillion of notes and bonds sold by the Treasury Department this year, compared with 27.1 percent of the $527 billion issued at this point in 2008, government figures show.""Investors outside the U.S. bought 43.1 percent of the $1.41 trillion of notes and bonds sold by the Treasury Department this year, compared with 27.1 percent of the $527 billion issued at this point in 2008, government figures show."Pass4sure 642-974 \ Pass4sure 642-446 \ Pass4sure 156-215.70 \ Pass4sure 312-50 \ Pass4sure 642-617 \ F50-531 \ C-TADM51-70 \ Pass4sure 640-864 \ Pass4sure 650-177 \ Pass4sure 642-627 \ 642-647 \ Pass4sure 642-165

Mon, 05/23/2011 - 00:13 | 1301138 kummar
kummar's picture

I have an idea. If all we care about is jacking up the nominal value of the indexes without regard to currency decay or the underlying fundamentals, why not price the indexes in ZIMBABWEAN DOLLARS. We can really have some fun then - think about it: Dow in the 100's of thousands - might even crack a millie; i liked your ideatestking MB2-631 testking MB2-632 testking MB2-633 testking MB5-858 testking NS0-154 testking 1z0-050 testking 1z0-051 testking 1z0-052 testking 1z0-053 testking 1z0-515

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Wed, 04/20/2011 - 05:56 | 1187249 shawnlee
shawnlee's picture

Holiday Inn, just outside of Sacramento? Only a couple hours away from the slots in Reno and the hookers at the Moonlight Bunny Ranch in Carson City? With a major topic called "The Trust That Does Not Exist"? Secure the hallucinogens, Captain America, I smell a road trip!testking \ a+ practice exam \ ase practice exam \ ccda practice exam \ ccent practice exam \ ccia practice exam \ ccie practice exam \ ccip practice exam \ ccna practice exam \ ccna security practice exam \ ccna voice practice exam \ ccna wireless practice exam

Wed, 02/23/2011 - 02:42 | 987785 shawnlee
shawnlee's picture

Holiday Inn, just outside of Sacramento? Only a couple hours away from the slots in Reno and the hookers at the Moonlight Bunny Ranch in Carson City? With a major topic called "The Trust That Does Not Exist"? Secure the hallucinogens, Captain America, I smell a road trip!

Register early. Limited Seating is available.

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Thu, 11/18/2010 - 16:01 | 738667 dark pools of soros
dark pools of soros's picture

good work.. this is going viral to the point where they aren't even changing the links...

 

notice the zero hedge ref link from yahoo goes to huffington post... lol

 

http://news.yahoo.com/s/huffpost/20101118/cm_huffpost/785315

 

 

Thu, 11/18/2010 - 17:11 | 738983 Bull Meat
Bull Meat's picture

HuffPo then directs here.  I spent a little time perusing the comments.  Lots of partisan finger pointing and blame-the-borrower comments.  In a nutshell, here is what I have understood:

1) Banks and mortgage brokers (hereafter issuers) issue loans to people that they probably should know can't repay them.

2) Issuers pocket origination fees.

3) Banks sell the bad debts to investors in securitizations.

4) In the process, I've seen a number of allegations that bank officials lied about the quality of the loans in their securities.  If true, this is where these go back to the banks if we live in a just world [not much hope of that] or if union pensions and others harmed are more politically powerful than the banks [some hope of that].

5) The bad debts default and most people can only blame either the banks or the borrowers.  They can't see both as culpable.  In any case, the little guy  inevitably gets crushed.  The TBTF bankers probably walk though they may get sanctioned a little if they pushed their bad paper onto the wrong people.

Tue, 11/16/2010 - 06:36 | 730140 JimboJammer
JimboJammer's picture

Title  Insurance  Companies  dropped  the  ball ...

Tue, 11/16/2010 - 05:41 | 730124 scratch_and_sniff
scratch_and_sniff's picture

It looks complicated william, but not as complicated as your usual posts.

Tue, 11/16/2010 - 06:00 | 730129 williambanzai7
williambanzai7's picture

I think that can only mean one thing...my insanity is contagious ;-)

Tue, 11/16/2010 - 03:49 | 730003 blindman
blindman's picture

"And the impending squint of first light
And it lurked behind a weeping marquee in downtown Putnam
yea  And it'd be pullin' up any minute now
Just like a bastard amber, velveeta yellow cab
On a rainy corner and be blowin' its horn, in every window in town."

t.w.   "putnam county"  last verse.
.

Tue, 11/16/2010 - 01:56 | 729963 chopper read
chopper read's picture


Dan Edstrom is a guy who is in the right place at the right time.

His profession? He performs securitization audits (Reverse Engineering and Failure Analysis) for a company called DTC-Systems.

TOO FUNNY!!!

Tue, 11/16/2010 - 02:09 | 729984 williambanzai7
williambanzai7's picture

Every calling has its day in the sun ;-)

Tue, 11/16/2010 - 01:38 | 729937 Cardinal Fang
Cardinal Fang's picture

So what is the Financial Engineering equivalent of Murphy's Law?

Tue, 11/16/2010 - 01:49 | 729952 blindman
blindman's picture

central banks and privately controlled fractional reserve lending.

Tue, 11/16/2010 - 01:57 | 729965 chopper read
chopper read's picture

perfect response. 

Mon, 11/15/2010 - 22:33 | 729357 anonnn
anonnn's picture

Humor as BlackSwan:

In the late-1950s, there really was a flow-chart that was destroyed by what Taleb now calls a BlackSwan.

Man-In-Space programs were flooded with research/development $, including one project to feed astronauts with max efficiency and min waste during long missions. Crew morale was an extremely important factor. The ultimate scheme was processing & recycle of all bowel-dump into the next "meal" for the crews.

Then a joke made the rounds. [I paraphrase.]

The pilot turns to the co-pilot and snarls, "If you ask me 1 more time what's for dinner, I'll kill you"...and within a few months, the goal of "total-recycle" was dead, along with charts of the complex schemes. 

[hat tip ol' Andy G. Haley of AerojetGeneral, of my Am Rocket Soc days]

 

Mon, 11/15/2010 - 21:36 | 729179 steelhead23
steelhead23's picture

hold on just a second here honey.  With all these interconnections and feedback loops and so-o-o-o many hands touching the transaction, who makes a profit?  You see, you've missed the whole point.  There should be a line from the originator to AIG or other monoline, then there should be a line from the U.S. Treasury to the monoline and then to the originator or the trust.  Now, for fun, put the loan into default, follow the path back to the holder of the note, have the noteholder initiate foreclosure, sell the property and short the trust.  To maximize your enjoyment, have Mr/Ms Robosigner put together all the necessary paperwork.  No problemo.

 

No wonder Mozillo has all his money offshore.

Mon, 11/15/2010 - 21:31 | 729141 Aristarchan
Aristarchan's picture

Damn Willie...that is a pretty awesome flow chart. The last time I saw something that mind-bending was back in 1990 when I was working on Johnston Atoll. This place was run by the Defense Nuclear Agency, and was managed by the Air Force and the Army Chemical Command. The place was a largely man-made atoll about 1/2 mile wide by 2 miles long, and at one end had a prototype for a chemical weapon destruction facility..it also had 72K tons of chemical/nerve weapons stored on it, and I have no idea how many tons of Agent Orange, and the place was contaminated by Plutonium left over from some 1950's nuclear weapons tests that went bad. I loved the place. Anyway, with all this, most of the island was only about 1.5 feet above sea level, so hurricanes and Tsunamis were also a potential problem. The Air Force and the DNA penned up a huge flow chart showing potential disasters, and what to do.....of course at some point, the thing started interlinking the chain-reaction effects of what one disaster might have/cause on another...so it turned into this huge monster nobody could understand how to implement or manage. I wrote a parody of it and hung it on bulletin boards all over the island. Needless to say, the service boys were not amused.

Tue, 11/16/2010 - 00:38 | 729838 williambanzai7
williambanzai7's picture

I am sure if you hold those charts up next to this, there will be startling similarities ;-)

Mon, 11/15/2010 - 21:53 | 729233 Aristarchan
Aristarchan's picture

Ok...you lost me, man......of course, my brain does not fucntion properly either.

Mon, 11/15/2010 - 22:24 | 729327 blindman
blindman's picture

this movie , "reflecting skin", see it, is about a kid who grows up  and honestly

screams into awareness at the setting of the sun.  he sees his

brother, idol esk, and father both destroyed by direct exposure

to the institutional technological advancements..and the effects on "men".

from whale oil to petroleum fuel oil to nuclear energy.  the brother returns from 

service at the bikini islands.   then you will get it.

. here another movie

http://cinemastyles.blogspot.com/2009/03/poisoning-paradise.html

. radio bikini ,

Plot

Produced and directed by Robert Stone, this critically acclaimed documentary uses declassified footage acquired through the Freedom of Information Act to tell the story of the Bikini islanders, who were removed from their homes by the U.S. government so that their atoll could be used for high-profile atomic bomb tests known as "Operation Crossroads" at the start of the Cold War. Afterwards, the islanders could not safely return home, as the area remained dangerously radioactive for 40 years. Highlights include radio broadcasts from the area, footage of the atomic bomb blasts, and an interview with a U.S. serviceman who observed the tests. Winner of the San Francisco Film Festival's Golden Gate Award, this film aired as an episode of the Emmy award-winning PBS television series The American Experience. ~ Steve Blackburn, Rovi

Mon, 11/15/2010 - 22:28 | 729339 Aristarchan
Aristarchan's picture

Oh...Ok...did not make the connection. The company I worked for at the time - which ran most of the nuc tests at the Nevada Test Site, was also involved in cleaning up Bikini.

Mon, 11/15/2010 - 20:29 | 728991 SwingForce
SwingForce's picture

Get down here to Broward County, Florida 

Mon, 11/15/2010 - 20:11 | 728950 cdskiller
cdskiller's picture

Holiday Inn, just outside of Sacramento? Only a couple hours away from the slots in Reno and the hookers at the Moonlight Bunny Ranch in Carson City? With a major topic called "The Trust That Does Not Exist"? Secure the hallucinogens, Captain America, I smell a road trip!

Register early. Limited Seating is available.

Tue, 11/16/2010 - 00:39 | 729842 williambanzai7
williambanzai7's picture

You can make a real family holiday of it ;-)

Tue, 11/16/2010 - 00:46 | 729861 Aristarchan
Aristarchan's picture

:)

Mon, 11/15/2010 - 20:03 | 728926 Ckierst1
Ckierst1's picture
New Large Squid Species Discovered

http://news.yahoo.com/s/livescience/20101115/sc_livescience/newlargesquidspeciesdiscovered

 

The article claims it is a member of the Chiroteuthid family.  Probably Chiroteuthis goldmansachsi.

Mon, 11/15/2010 - 19:57 | 728901 tallystick
tallystick's picture

The Mersa Lisa  (christina moore) would make a great background for that chart.

Mon, 11/15/2010 - 20:35 | 729010 blindman
blindman's picture

....  mersa lisa ,  men have named you.

.

nice 

Tue, 11/16/2010 - 19:28 | 732745 tip e. canoe
tip e. canoe's picture

Do you sign to tempt a lawsuit MERSa Lisa?

Tue, 11/16/2010 - 20:24 | 732873 blindman
blindman's picture

try and work that in ...

" Do you sign to tempt a lawsuit MERSa Lisa? "

new lyrics for the tune "mona lisa".  for my girl crystal

.   "robo lisa, mona signer"

.

robo lisa, mona signer , men have blamed you

you're disliked for all the fraud  in the empire

is it only cause your lowly they have named you

in the deposition, with such strangeness in your files.

.

Do you sign to tempt a lawsuit MERSa Lisa?

  ( do you sign to make your rent robo lisa? )

or is this fraud an elevated  work of art?

many thieves leave their sheen on your doc's pile

many lies there,  and you sign there.

.

are your fingers made of steel robo lisa?

now press them through ntc's chest and crush it's heart.

mona signer , robo lisa .

.

or " mersa lisa , robo signer men have ...."

Mon, 11/15/2010 - 18:54 | 728710 greenewave
greenewave's picture

To find out more about the lies and fraud propagated by Washington and the Big Banks, watch the YouTube video Global Economic Collapse 2010 at (http://youtu.be/_FHVy1tpT20).

Find out why there are a potential 17 million foreclosures in the pipeline over the next 5 years waiting to devastate the system!!

Global collapse is upon us.

Anonymous-

20 minutes ago

I really hate the fact that you're right. I? wish we were wrong. I really do.

Good vid.

 

 

Mon, 11/15/2010 - 18:27 | 728641 blindman
blindman's picture

http://www.youtube.com/watch?v=eosrujtjJHA&feature=related

.

Brazil - Have you got a 27B-6?

.

 

Mon, 11/15/2010 - 19:57 | 728903 Cognitive Dissonance
Cognitive Dissonance's picture

OMG, so you're the other person who's a fan of Brazil.

I heard you were out there, but I got tired of asking everyone and then never being invited to any more parties.

Tue, 11/16/2010 - 01:52 | 729955 StychoKiller
StychoKiller's picture

Cue Robert DeNiro dissolving in a blizzard of bureaucratic paper!

Tue, 11/16/2010 - 01:03 | 729894 williambanzai7
williambanzai7's picture

I love that movie, particularly the use of music and black and white imagery to advance the message.

Tue, 11/16/2010 - 02:26 | 729143 blindman
blindman's picture

re:. party of    ....  one.  ongoing.

http://www.youtube.com/watch?v=PV7bxC0UVMM

.

http://www.youtube.com/watch?v=6xWLf3tNzT4

.

this one is magic.  magic. magic.

.

Tom Waits: Putnam County

.

I guess things were always kinda quiet around Putnam County
Kinda shy and sleepy as it clung to the skirts of the 2-lane
That was stretched out just like an asphalt dance floor
Where all the old timers in bib jeans and store bought boots
Were hunkerin' down in the dirt to lie about their lives
And the places that they'd been
And they'd suck on Coca Colas yea and be spittin' days work
Until the moon was a stray dog on the ridge and
And the taverns would be swollen until the naked eye of 2 A.M.

And the Stratocasters slung over the Burger meister Beer Guts
and Swizzle stick legs jackknifed over naughahyde stools
yea And the witch hazel spread out over the linoleum floors
Pedal pushers stretched out over midriff bulge
And the coiffed brunette curls over Maybelline eyes
Wearing Prince Machiavelli or somethin' yea, Estee Lauder, smells so sweet
And I elbowed up at the counter with mixed feelings over mixed drinks
As Bubba and the Roadmasters moaned in pool hall concentration
And, and knit their brows to cover the entire
Hank Williams songbook,  whether you like it or not

And the Old National register was singing to the tune of
57 dollars and 57 cents   yea
And then its last call, one more game of 8 ball
Bernice will be putting the chairs on the tables
Someone come in say "Hey man, anyone got
Any jumper cables, is that a 6 or 12 volt?" now
.

And all the studs in town would toss 'em down
And claim to fame as they stomped their feet
Yeah, boastin' about being able to get more ass than a toilet seat

And the GMC's and the Straight 8 Fords were coughin' and wheezin'
And they perculated as they tossed the gravel underneath the fenders

Weave home a wet slick anaconda of a 2-lane
Tire irons and a crowbars a-rattlin', with a tool box and a pony saddle
You're grinding gears, and your shiftin' into first
Yeah and that goddamn tranny's just gettin' worse man
With the melodies of 'See ya laters' and screwdrivers on carburettors
Talkin' shop about money to loan and palominos and strawberry roans
yea
See you tomorrow, hello to the Mrs.
With money to borrow and goodnight kisses
As the radio spit out Charlie Rich
Man and he sure can sing that son of a bitch
And you weave home, yeah, weavin' home
Leavin' the little joint winking in the dark, warm, narcotic American night
Beneath a pin cushion sky, and it's home to toast and honey

Gotta startup the Ford, yeah, your lunch money's right over there
On the drainin' board, and the toilet's runnin'
Ah, Christ shake the handle and the telephone's ringin'
It's Mrs Randal and where the hell are my goddamn sandals?
What do you mean the dog chewed up my left foot? ...
With the porcelain poodles and the glass swans
Staring down from the knick knack shelf ....
And the parent permission slips for the kids' field trips
yea And a pair of Muckalucks scraping across the shag carpet

And the impending squint of first light
And it lurked behind a weeping marquee in downtown Putnam
yea  And it'd be pullin' up any minute now
Just like a bastard amber, velveeta yellow cab
On a rainy corner and be blowin' its horn, in every window in town
.

thank you

Tue, 11/16/2010 - 21:58 | 733044 kathy.chamberli...
kathy.chamberlin@gmail.com's picture

You're grinding gears, and your shiftin' into first
Yeah and that goddamn tranny's just gettin' worse man

 

you good, i enjoy the connections

strarto MAN.

Tue, 11/16/2010 - 19:19 | 732719 tip e. canoe
Wed, 11/17/2010 - 09:51 | 733726 tip e. canoe
tip e. canoe's picture

"My name is Barry."

http://www.youtube.com/watch?v=9zfpvhfSTiE&feature=related

or is it Tony?   guess it depends on which side of the pond he is.

Tue, 11/16/2010 - 19:20 | 732709 tip e. canoe
tip e. canoe's picture

oops

Mon, 11/15/2010 - 19:17 | 728783 kathy.chamberli...
kathy.chamberlin@gmail.com's picture

curious youtube link, cupcakes†

Do NOT follow this link or you will be banned from the site!