Saturday, September 5, 2009

An Insider look at Ginnie Mae MBS

A little weekend reading from Zero Hedge:


Here’s a random conforming loan size GNMA pool (G2 4170) from June 2008 – 12,224 loans, $199k WAOLS, 97% median LTV, $2.46bil original pool size:


These conforming loans don’t look too much better, huh? These losses will be just huge…. I mean, these numbers are just 1yr later… this will be perhaps a more massive transfer of losses to the upper income tax-payer than anything else we’ve seen so far….

Click on title for complete story. Then again, why ruin your weekend?

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