Friday, October 23, 2009

OMG! It really is just starting all over again! Financial alchemy is back…

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 (822 views)
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3 thoughts on “OMG! It really is just starting all over again! Financial alchemy is back…

  • 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

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  • 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.

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    ‘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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