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S&P Credit Research2866 word report
published Apr 22, 2009
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S&P Credit Research
| Abstract: | Legacy assets remain an ongoing concern for U.S. banks, with losses that could still reach high into the hundreds of billions of dollars. To get a sense of just how deep those losses could be, the Market, Credit&Risk Strategies (MCRS) group reviewed the total amount of private-label (not issued by Fannie Mae or Freddie Mac) residential mortgage-backed securities (RMBS) outstanding, as well as their current performance record. As part of our analysis, we also measured the progress of the payments of underlying mortgages that will lead to the wind down of these structures, which many argue are responsible for the current stresses in the financial markets. With more than $4 trillion in mortgages securitized since 2004, the legacy
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| Brief Excerpt: | RESEARCH Ratings Definitions Market Intellect: Putting A Dollar Value On Legacy RMBS Losses Publication date: 22-Apr-2009 Market, Credit, and Risk Strategies: Michael Thompson, Managing Director, New York (1) 212-438-3480; michael_thompson@standardandpo...
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| Report Type: | Commentary
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
