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dude wheres my house

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i was wondering the same myself

anyone?

Hi gfromls,

I can't help asking but what is that creature in your avater pic, is it some kind of monkey?

Ta,

gB

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Found this on another thread, bit of a miracle as I can never find anything on here. I can just recall "granite" being mentioned and used that as a keyword!

http://www.housepricecrash.co.uk/forum/ind...showtopic=52668Granite

Not much activity from the high street lenders recently and none expected until September after the Summer break. Northern Rock usually go first with their Granite programme, and the other big originators are skittish -- if NR have a bad time of it, it could set a bad tone for everyone else.

Word is that NR upset their US investors (capital and covered bonds) by roadshowing and pricing deals just days ahead of the announcement they had taken a bath on their unhedged pipeline of fixed rate loans - spreads widened landing investors with an instant marked-to-market capital loss -- not great when covered bonds are marketed as a rate rather than a credit product. If NR are forced to fund outside the US that's not good for them (and potential the other UK originators with US programmes) -- approximately a quarter to a third of their RMBS issuance is into the US and overall about 75% of their funding is from RMBS.

Spreads for UK "non-conforming" securitisations have widened significantly with originators srtuggling to place paper at the bottom of the capital structure at all. The economics of "originate to securitise" are rapidly breaking down for non-conforming lenders (mostly operated by investment banks as it happens). As with LBO debt, there is probably a large and growing pipeline of mortgage loans sitting on IB balance sheets waiting to be securitised -- only unlike LBO debt its harder to turn the tap off.

Edited by rover2000

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Hi gfromls,

I can't help asking but what is that creature in your avater pic, is it some kind of monkey?

Ta,

gB

no, it's a man from a band... who were very popular during the last house price crash.

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Found this on another thread, bit of a miracle as I can never find anything on here. I can just recall "granite" being mentioned and used that as a keyword!

http://www.housepricecrash.co.uk/forum/ind...showtopic=52668Granite

<Boring>

Granite is actually quite a brittle form of rock, it's easy to snap and break, that's why certain granite regions of the Alps have very pointy (or aiguilles/needles) profiles rather than the smoother contours found in the earlier limestone based mountains...

</Boring>

Maybe NR were being accurate ;)

...for once

Peter, many thanks for the monkey link!!!

Monkeys are so cool!

I am currently reading "Monkey!" the novel, I am pleased to report it is as refreshingly daft as the tv series that was on BBC2 after that boring black and white comedy bloke!

gB

Edited by goonboy

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I understand the Government sells on (securitizes) student debt....the lenders securitize mortgages to make room on their balance sheets to spade out more.....after all it's the commissions that are lucrative ...not so attractive just the interest margin on it's own..... :P:lol::lol: ......keep churning .....!... :lol::lol:

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