There Always Was A Subprime Market

THERE ALWAYS WAS A SUBPRIME MARKET MORTGAGE FINANCE UPDATE NATIONAL AUCTIONEERS ASSOCIATION Jillayne Schlicke Dec 1, 2008

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[object Object],CDOs |||||||| Federal Reserve FDIC 54 b US Taxpayer US Treasury $ Ratings Agencies AAA AA A RMBS Mortgage Broker Mortgage Banker Consumer Finance Co. Wrong model to rate the single As Copyright Dec 2008 Jillayne Schlicke Do Not Duplicate Rise and Fall of Securitized Lending

Why The TARP Plan Failed ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Liabilities Deposits Banks U.S. Treasury Involuntary direct capital injections

Feedback Loop Higher Rates Rising Bank Losses Lower Home Values Rising Inventory Fewer Buyers Tighter UW Guidelines Rising SS & F Lower Home Values Rising Foreclosures Time

Government Intervention ,[object Object],[object Object],[object Object]

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Tangled Web of Regulation Tttttttt Source: dfi.wa.gov

Top Ten Ways to Tell If Your Bank is Going Under ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Option ARM Non-Bomb? 11 th District COFI 60% of ARMS tied to LIBOR 25% tied to various treasuries 15% tied to the COFI (many in Calif) Many option ARM holders were making the min payment or paying interest only. When the loans recast , the borrower will begin making the amortized payment, which could have a much larger impact on the monthly payment than the rate reset .

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THERE ALWAYS WAS A SUBPRIME MARKET MORTGAGE FINANCE UPDATE NATIONAL AUCTIONEERS ASSOCIATION CEFORWARD.COM MORTGAGEFIDUCIARIES.COM RAINCITYGUIDE.COM Jillayne Schlicke Dec 1, 2008

There Always Was A Subprime Market

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There Always Was A Subprime Market