Thursday, November 22, 2007

AMBAC: This is not going to work

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I have completed a deep dive of AMBAC's insured portfolio. The conclusion: I don't see how they maintain a AAA rating without raisin...
39 comments:
Wednesday, November 21, 2007

Freddie Mac: We feared the worst

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There is an old Wall Street saying: Be fearful when others are greedy and greedy when others are fearful. Sure seems like the the world is i...
4 comments:
Monday, November 19, 2007

Washington Mutual: What I have told you was true... From a certain point of view

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Long time readers know I have been a holder of Washington Mutual bonds since early in the subprime debacle. I recently sold my position. Tho...
16 comments:
Saturday, November 17, 2007

Bringing balance to the Force

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I think the media is misunderstanding Fed Governor Randall Kroszner. His speech delivered yesterday at the Conference on Competitive Market...
10 comments:
Thursday, November 15, 2007

But how am I to know the good side from the bad?

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Academics and other investment outsiders often marvel at the volatility of investment markets. The truth is that economic fundamentals, eith...
12 comments:
Tuesday, November 13, 2007

Senior ABS Recovery: I can imagine quite a bit...

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I'm working through a deep dive of AMBAC's insured positions, which they have helpfully provided in great detail . Before I get to t...
35 comments:
Friday, November 09, 2007

OFHEO to Andrew Cuomo: Point that thing someplace else

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It seems Jim Lockhart, Director of the Office of Federal Housing Enterprise Oversight (OFHEO), who is the primary regulator of Fannie Mae an...
17 comments:
Tuesday, November 06, 2007

Decide you must how to serve them best

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An Open Letter to Publicly Held Bank CEOs, Boards, and Shareholders: 2007 has certainly been a trying time for banks. Many of the business l...
21 comments:
Monday, November 05, 2007

Do not underestimate the power of structure

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Citigroup and Merrill's recent large write downs were largely due to losses on mortgage securities. Now, we know that neither Citi nor M...
8 comments:

Citigroup: Now, matters are worse

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Citigroup's Chuck Prince resigned as CEO , after the board scheduled a emergency meeting over the weekend to consider his fate. It was ...
7 comments:
Friday, November 02, 2007

Municipal Bond Insurers: More dangerous than you realize

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I've written before about bond insurers , and I reiterate my view that the big 4 (MBIA, FSA, FGIC, and AMBAC) will survive. But its cert...
15 comments:
Wednesday, October 31, 2007

Well, short help is better than no help at all

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Well the 204 readers who voted for a 25bps cut got it right. Prior to today's announcement, the market was widely expecting another cut...
5 comments:
Monday, October 29, 2007

Countrywide Profits: Difficult to See

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Countrywide's surprising announcement on Friday that they expect to be profitable in 4Q and CY 2008 pushed the stock market higher and...
15 comments:
Thursday, October 25, 2007

The Future of CDOs Episode I: Turn her around!

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We've spent a lot of time talking about the CDO market, mainly because its one of my favorite subjects and its my damn blog. (Click here...
12 comments:
Tuesday, October 23, 2007

I want them alive... No modifications!

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I've been thinking a lot about loan modifications, which is basically when a bank voluntarily agrees to alter the terms of a loan, and h...
12 comments:
Monday, October 22, 2007

I wonder if your feelings on this matter are clear

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Interesting last few trading days to say the least. First we had several banks report ugly earnings: Citigroup, Bank of America, J.P. Morgan...
17 comments:
Wednesday, October 17, 2007

Yeah but who's going to fund it kid? You?

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Some more thoughts on the MLEC... I still like SivieMae, but whatever. According to Bear Stearns, who is the biggest lawyer on Wall Street ...
19 comments: