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|User Info||Ratings Extortion? Maybe - And Yet More Fraud; entered at 2008-04-29 01:58:28|
Let's say the loan "updated" LTV is 95 (it was 80 two years ago). What you do is simply
I don't get it. They change the coupon from say 7% to 4% and take a 30% hit on the value of the loan. Then they add that 30% back into the value of the loan as modification costs? And then securitize a 4% loan? But that will sell at 70% not 96.5%.
And where are the auditors in all this? How do they sign off on this? It would stand out like a sore thumb. This doesn't make sense.
Arthur Anderson was destroyed. There is no upside for auditors to allow this kind of stuff. Only destruction.
Last modified: 2008-04-29 02:12:03 by quads4444