Friday, Oct 23, 2009
OMG! It really is just starting all over again! Financial alchemy is back...
Bloomberg: JPMorgan Takes the Lead in Europe’s Asset-Backed Market Revival
'JPMorgan Chase & Co. is the lead investor in both of this year’s public securitizations of U.K. mortgage loans, as the New York-based lender snaps up the type of assets behind billions of dollars of losses at other banks. JPMorgan has committed to buy 1 billion pounds of A2 securities from Nationwide’s Silverstone 2009-1 trust and will accept 1.25 billion pounds of class A1 notes as collateral on a loan. The class A2 notes will be priced to yield about 145 to 150 basis points more than the London interbank offered rate, or Libor, a person familiar with the transaction said. The deal is being marketed to investors now.'
Posted by tyrellcorporation @ 01:23 PM (410 views) Add Comment
4 Comments
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1. sybil13 said...
Guess when it is back up to £150 billiion a year as it was during 2006 - 2007 we can start worrying :
"A lot of lending power has now left the market for good. Almost £300bn of UK mortgage debt was securitised, i.e. packaged up and sold off from bank balance sheets onto the bond markets, between 2005 and 2007.
'That represents more than 90% of the growth in mortgage debt over that period' says CreditSights. And 'the world isn't exactly clamouring for British securitised mortgages anymore, and won't be for a long time', says Matthew Lynn on Bloomberg
2. Chilli said...
Well traders who specialise in these things are part of the economy now. Imagine what will happen to consumer speading if all of these people couldn't earn a living hawking these frivolities.
3. crunchy said...
http://www.dailymarkets.com/stocks/2009/08/13/tony-blair-jp-morgan-chase-and-the-fsa-probe/
'JPMorgan Chase & Co? Oh that corrupt shower.
From the article.........JP Morgan Chase said: ‘We have no comment.’
The FSA said: ‘We wouldn’t comment on whether we are doing an investigation.’
KPMG also declined to comment.
IMHO, The FSA is a patsy group beyond any doubt in my mind.
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