Developing Affordable Housing Ecosystems World Wide
By: David A. Smith
If no one wants your pile of booty, perhaps you should try shaking things up At first blush, that appears to be the strategy behind the proposed remixing of Real Estate Mortgage Investment Conduits (REMICs), as presented in a recent Wall Street Journal article:
I’m gonna shake it up
Once upon a time, [...]
In the weeks and months to come, you will hear much wailing about Chinese policy this and Chinese economic pressure that – and there’s no doubt that China’s economic policy now has a powerful effect on America’s – but let that not blind you to the curious (and potentially hopeful?) interdependency that appears now to [...]
(Otherwise known as ‘fight among yourselves, I’m feeling verklempt.’)
Securitization, that creature of the early 1990’s, has wrought new changes in our marketplace, none more timely now than the discovery that when a loan goes upside down, the untangling of securitized positions is hideously more difficult than before.
I can’t see any alternatives
In fact, because the [...]
[Continued from yesterday's Part 1.]
Yesterday, using a New York Times article as a springboard, we examined Humpty Dumpty’s question of value: what does value mean, and who decides that it means that?
“Everything’s coming up roses”
For reasons I listed yesterday, the assets are often valued by people who have a vast vested interest in seeing them [...]
“It’s worth what I say it’s worth.”
The louder I shout it, the truer it must be!
That, more or less, is the defense offer by Bear Stearns as to the value of enormous pools of highly structured complex instruments on their books, a declaration so patently self-serving and self-interested that, with Bear now absorbed into JPMorgan [...]
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