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MarketTicker Forums Read Message in Foreclosuregate
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User Info Ally Securities Exits Mortgage-Related Broker Dealer Activit in forum [Foreclosuregate]
Bearshort
Posts: 4489
Incept: 2007-09-13
Green
NYC
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Ally Securities Exits Mortgage-Related Broker Dealer Activities
This was the division securitizing MBS, FYI.

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"How long to the point of know return?"
Enemies of the State: Bernanke, Geithner, Frank, Dodd, Greenspan, Paulson.

Andysvw
Posts: 1753
Incept: 2010-06-26
Green
Tujunga Ca
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Apparently not to big to fail.
They know whats in the box.
You dont walk on that kind of game unless?
Xqqme
Posts: 627
Incept: 2009-01-09
Green
Ohio
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http://www.nytimes.com/2012/04/11/busine....

Lenders returning to lucrative subprime mortgage market!
WTF?
Antone
Posts: 7689
Incept: 2008-02-03
Green
Seditionia, USSA
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Of course they are. They know the government has their back if anything 'bad' happens. Moral hazard is out of ****ing control right now.

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As if anything has changed:

Wir sind gefickt.
Bigbluffer
Posts: 1330
Incept: 2010-11-01
Green
NC
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Quote:
Lenders returning to lucrative subprime mortgage market!
WTF?

No.
The MBS market is dead. Lenders killed it when they passed off crappy loans as AAA-rated risk. Investors aren't interested unless the securities have a government guarantee, i.e. Fannie or Freddie.

What the lenders are doing is switching assets. I don't remember where I read it but the amount of Asset Backed Securities containing auto loans have gone from a little over $2 billion in 2007 to somewhere around $11 billion in 2011. Many of these auto loan are subprime, with lenders having relaxed their underwriting criteria, willing to discount recent bankruptcies, etc. as transient difficulties.
Rvacha
Posts: 8300
Incept: 2008-10-03
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Cleveland
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Yep, Ally is just focusing its taxpayer dollars on funding subprime Government Motors loans

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"I suggest you panic." - Hugh Hendry
Hstella
Posts: 284
Incept: 2009-08-18
Gold
Colorado
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Car loans baffle me. Why would you use anything but the most stringent criteria when your collateral deteriorates so sharply in value?
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