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rffrydr
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rffrydr
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rffrydr
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 Posted: Fri Jun 24, 2011 11:18 am Post subject: |
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One of MBS "founding fathers" back in the game:
http://finance.yahoo.com/banking-budgeting/article/113006/subprime-default-ranieri-WSJ?mod=bb-budgeting&sec=topStories&pos=5&asset=&ccode=
| Quote: | | Few on Wall Street are as closely tied to the mortgage market as Brooklyn, N.Y. -born Mr. Ranieri, a onetime star bond trader at Salomon Brothers who helped to pioneer mortgage-backed securities in the 1980s. More than two decades later, the market developed by Mr. Ranieri and a handful of financial whiz kids came to a screeching halt. As mortgage bonds, which are backed by millions of Americans' home-loan payments, defaulted in droves, the ripple effects spread through the global economy, ushering in a devastating financial crisis. Mr. Ranieri also faced a setback in 2008, when a Texas bank he had acquired failed and was seized by regulators. |
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rffrydr
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rffrydr
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| Posted: Thu Sep 16, 2010 2:47 am Post subject: |
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Behold the lowly auto loan.
| Quote: | | AmeriCredit has sold $2.45 billion of the bonds this year, Bloomberg data show. The offering yesterday was the largest since the company issued $1 billion of securities tied to primarily prime and near-prime borrowers in October 2007, a month after raising $1 billion of debt linked mostly to subprime auto loans, according to the company’s website. |
Unlike a house, the car wears out, and, in world of worn out credit ratings, the spread on this peculiar facet of The American Dream creates its own momentum. All tied to, not the borrower, but the easily transferred, almost fungible, product he borrows for. Control inventory, control asset price, control credit. And Wall St. laughed at autos, and cried over bailouts. While banks tithe back the hand that governs and hunker down in their Basel built bunkers, credit has been flowing in autos since day one. This move towards inventory control and mandated technological change has upped the value of what we already have. That is an asset.
The first securitizations were from autos. Ford pioneered the non-rated, rated, SEC approved version. And subprime is here once again to make it all worth while. Could easily wind up being the best by which this Administration is judged. --But then I'm biased. 
http://www.bloomberg.com/news/2010-09-15/bond-buyers-embrace-debt-laden-consumers-in-hunt-for-yield-credit-markets.html
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rffrydr
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| Posted: Mon Jul 12, 2010 1:38 pm Post subject: |
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If subprime lending didn't exist we've invented it. Now it will be re-invented. Autos and WalMart leading the way here.
To wit: This morning, "25% in US are now rated poor credit risks" is all over the news.
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rffrydr
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rffrydr
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diesel
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rffrydr
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rffrydr
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rffrydr
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| Posted: Mon Mar 02, 2009 9:04 am Post subject: |
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Despite HSBC's zeroing out Household Finance is still making money:
| Quote: | He says that, from the time of acquisition in 2003 to today, HSBC Finance has been profitable, if only modestly.
Taking into account dividends paid to the group, the net capital injection has been $500m over the life of the acquisition. Geoghegan warns that the next two years “will be challenging and further capital will need to be injected.” But adds: “We project we can do this from the current group financial resources.” |
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HenryTo
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rffrydr
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rffrydr
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| Posted: Sat Feb 16, 2008 9:28 pm Post subject: |
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That'll rattle some of those SWF resistent politicians  I thought the Tata buy of Rover would stand as the ultimate EEM irony--now this (This, the richest...)
Imagine if you would have (rightly) predicted this three years ago--ten years ago! --You'd be (wrongly) ruined. And no-one would have ever heard.
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