Relevant:
- Moody’s Downgrades $6.26bn of Jumbo RMBS
- Rapid Deterioration Leads Moody’s to Increase Loss Projections for Prime Jumbo RMBS
- Moody’s Downgrades Nearly $10bn of Wells Fargo Jumbo Mortgage Securities
- Moody's Downgrades $4.5 Billion Of Bonds With FHA, VA Mortgages
- Mr. Mortgage: Jumbo-Prime Under Attack by the Raters - Big Banks Beware
2009-12-19 — bloomberg.com
"Moody’s Investors Service placed $143 billion of jumbo-mortgage bonds under review for downgrades because of higher loss projections as stock-market losses and pay cuts squeeze wealthy borrowers."
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Comments:
tvsterling at 01:11 2009-12-20 said:
Jumbo loans go hand in hand with Mc Mansions (or Plywood Pallaccios). These bloated 'status symbol on a budget' homes were never practical shelter. All they ever did was proclaim the crass nouveau riche nature of their inhabitants. (the kiss of death for any social climber) On the builder's side they are the equivalent of big, expensive cars to an auto manufacturer; that is more profit per unit. This strategy by auto manufacturers has crippled them to this day because they ignored the emerging small car market. The futurists say that these monstrosities will eventually be converted to multi-unit rentals. I have my doubts. Most of them are too poorly built to stand up as commercial properties & their floor plans are not suited to the conversion so Moody's is quite right to question these bonds. Mc Mansions are like junk food; they're junk real estate. Permalinkadd a comment | go to forum thread
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