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|User Info||Koolaid iditots; entered at 2007-12-02 00:46:01|
Registered: 2007-07-23 Atlanta
calculatedrisk has a post about this deal that contains a quote from Goldman Sachs :|
Goldman Sachs analysts said they were surprised by the size of the discount on the E*Trade portfolio because 73 percent of the assets were backed by prime mortgages, or loans to people with solid credit.
I'm fully aware that E*Trade sold their ABS/CDO portfolio and that you can't take the low mark ($0.27 or $0.11 or whatever it turns out to be) and directly apply it to WaMu.
However, if E*Trade's securities truly contained 73% prime mortgages, then how in the ****ing **** is that structured mess worth only 27 cents? The takeaway here should be that the **** that all these liars are claiming as "prime" is really stinky toxic garbage. WaMu, Wells...all of them. They all say that they only have a few billion subprime loans and that the exposure is a minute fraction of their total portfolio. If this E*Trade deal doesn't make you question that fantastical lie then nothing will.
Last modified: 2007-12-02 00:49:28 by koolaid