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’Majority of current RMBS borrowers underwater, Fitch says
How’s this for a negative equity data point: the majority of borrowers whose home loans have been wrapped into a US residential mortgage backed securities transaction owe more on their mortgages than their homes are currently worth,
Citi subprime snapshot
Citi is surprisingly transparent about its accounting for mortgage holdings and investments in its recent Q2 results.
Of particular interest in the tables below, is the rather remarkable turn around in subprime exposures — which have turned from a $2.3bn mark-to-market loss in Q1 2009 to a $613m gain in the most recent quarter.
Prime-time problems for Fannie
News that Fannie Mae, the US government-controlled mortgage group, is still bleeding cash shouldn’t really come as a surprise. Nevertheless, the losses continue to astound us here at FT Alphaville.
On Friday the group reported its seventh consecutive quarterly loss in the order of $23bn.
Dear Investor…
(Cassandra Does Tokyo via John Authers, Whitney Tilson, Felix Salmon…)
ACME Systematic Leveraged Macro Momentum Fund LP
321 Overprice Street
Greenwich, CT
00573
Dear Investor,
This letter is to inform you that the wheels have come off of the
proverbial wagon at ACME Systematic Leveraged Macro Momentum Fund LP,
Fitch flags more Alt-A trouble
More trouble brewing for Alt-A mortgage securities, as rating agency Fitch announces a change in surveillance criteria:
Fitch Ratings-New York-30 May 2008: With serious delinquency levels for recently originated U.S.
What’s driving mortgage defaults? Not just negative equity
Homeowners in the US are defaulting on their mortgages at record rates, and commentators are increasingly casting the blame on “negative equity”.
The term applies to those borrowers whose loans are now worth more than the value of their homes,