BOA must be so proud of these securities From http://www.sec.gov/Archives/edgar/data/1456480/000105640409000085/baf09r01_ex992-200910.txt and overall http://www.sec.gov/Archives/edgar/data/1456480/000105640409000085/0001056404-09-000085-index.htm Trigger Event Reporting Group 1 Stepdown Date NO Group 2 60 Day Delinquency Senior Step Down Condition Trigger Result Fail Threshold Value 50.000000% Calculated Value 2583.368082% Cumulative Losses Senior Step Down Condition Trigger Result Fail Threshold Value 30.000000% Calculated Value 85.770677% Senior Step Down Test Trigger Result Pass Two Times Test Trigger Result Fail Group 3 60 Day Delinquency Senior Step Down Condition Trigger Result Fail Threshold Value 50.000000% Calculated Value 254.260806% Cumulative Losses Senior Step Down Condition Trigger Result Pass Threshold Value 30.000000% Calculated Value 6.854566% Senior Step Down Test Trigger Result Pass Two Times Test Trigger Result Fail Group 4 60 Day Delinquency Senior Step Down Condition Trigger Result Pass Threshold Value 50.000000% Calculated Value 36.934598% Cumulative Losses Senior Step Down Condition Trigger Result Pass Threshold Value 30.000000% Calculated Value 2.405518% Senior Step Down Test Trigger Result Pass Two Times Test Trigger Result Pass Group 5 60 Day Delinquency Senior Step Down Condition Trigger Result Fail Threshold Value 50.000000% Calculated Value 217.145647% Cumulative Losses Senior Step Down Condition Trigger Result Pass Threshold Value 30.000000% Calculated Value 11.866397% Senior Step Down Test Trigger Result Pass Two Times Test Trigger Result Fail Group 6A 60 Day Delinquency Senior Step Down Condition Trigger Result Fail Threshold Value 50.000000% Calculated Value 1009.511950% Cumulative Losses Senior Step Down Condition Trigger Result Fail Threshold Value 30.000000% Calculated Value 72.162802% Senior Step Down Test Trigger Result Pass Two Times Test Trigger Result Fail Group 6B 60 Day Delinquency Senior Step Down Condition Trigger Result Fail Threshold Value 50.000000% Calculated Value 623.395371% Cumulative Losses Senior Step Down Condition Trigger Result Fail Threshold Value 30.000000% Calculated Value 46.831356% Senior Step Down Test Trigger Result Pass Two Times Test Trigger Result Fail
<pre> Delinquency Status By Group DELINQUENT BANKRUPTCY FORECLOSURE REO Total <c> <c> <c> <c> <c> Group 1 - MBA No. of Loans No. of Loans No. of Loans No. of Loans No. of Loans Actual Balance Actual Balance Actual Balance Actual Balance Actual Balance 0-29 Days 5 0 0 5 1,274,605.55 0.00 0.00 1,274,605.55 30 Days 22 2 0 0 24 7,462,743.68 348,484.53 0.00 0.00 7,811,228.21 60 Days 25 0 0 0 25 6,912,223.81 0.00 0.00 0.00 6,912,223.81 90 Days 15 0 0 0 15 5,208,308.75 0.00 0.00 0.00 5,208,308.75 120 Days 5 0 1 0 6 2,163,450.99 0.00 145,600.00 0.00 2,309,050.99 150 Days 5 1 8 0 14 1,326,756.28 300,400.00 3,112,558.93 0.00 4,739,715.21 180+ Days 27 22 144 27 220 10,837,629.47 5,470,330.17 55,859,880.50 10,220,912.72 82,388,752.86 Totals 99 30 153 27 309 33,911,112.98 7,393,820.25 59,118,039.43 10,220,912.72 110,643,885.38 0-29 Days 0.615764% 0.000000% 0.000000% 0.615764% 0.436827% 0.000000% 0.000000% 0.436827% 30 Days 2.709360% 0.246305% 0.000000% 0.000000% 2.955665% 2.557597% 0.119431% 0.000000% 0.000000% 2.677029% 60 Days 3.078818% 0.000000% 0.000000% 0.000000% 3.078818% 2.368926% 0.000000% 0.000000% 0.000000% 2.368926% 90 Days 1.847291% 0.000000% 0.000000% 0.000000% 1.847291% 1.784968% 0.000000% 0.000000% 0.000000% 1.784968% 120 Days 0.615764% 0.000000% 0.123153% 0.000000% 0.738916% 0.741448% 0.000000% 0.049899% 0.000000% 0.791347% 150 Days 0.615764% 0.123153% 0.985222% 0.000000% 1.724138% 0.454700% 0.102952% 1.066722% 0.000000% 1.624374% 180+ Days 3.325123% 2.709360% 17.733990% 3.325123% 27.093596% 3.714223% 1.874767% 19.144044% 3.502865% 28.235898% Totals 12.192118% 3.694581% 18.842365% 3.325123% 38.054187% 11.621862% 2.533976% 20.260665% 3.502865% 37.919368% </pre>
Thank you!!! I had to figure out how to post that table - took me a bit, but now others can see what I am seeing in the Form 10-Ds on the SEC web site. If people think home prices are going to start rising...WHAT THE HELL ARE THEY THINKING!!!! The banks are grumbling about selling the REO they have now!!!! Look at the tidal wave that will be coming on to the books of the banks - over half of the delinquent mortgages have not yet made it into REO ( at least for this group). And what a joke - look at that - homes that are "delinquent" 180 days - not foreclosed upon?!?!? WTF! -gastropod
Thanks Mvic! Thanks again to larrybf! Hello 700express, What you are looking at is called a form "10-D" that is filed by banks, etc. with the SEC. You can search for them yourself on the web site www.sec.gov -> search for company filings -> most recent filings -> enter 10-D into the search area and you will come up with a list of 10-D filings. The 10-D is kind of like a "report card" on mortgage backed securities or other asset backed securities, e.g. credit cards. The way the "credit markets" work (to some extent) is that they bundle mortgages or (in some cases) credit card bills into bonds or something like them. "They" (the banks or whomever) then sell the bonds "in the world" - with some contractual agreements - like, if there are too many defaults in the underlying element (like mortgages), then whomever issued the "security" (the thing that backed the "bond,") then whomever issued the security generally has to buy back the security. An example would be like: I tell you that this "security/bond" that I want to sell you is REALLY credit worthy, but in the event that the underlying "stuff" is crap - I'll buy the security back from you. Some of these "securities" have two levels of investors - senior and subordinated (if somebody knows better here - PLEASE step in - I am going by what I "know") Ok, so if things start to go bad for the "subordinated debt" the subordinated debt holders are FU(KED!!! - they get nothing. If things go further south - the "senior" debt holders are supposed to get bought out of their bad positions....Whew!!!! That was a lot of words to get what we are looking at... The 10-D we are looking at is obviously WHACKED !!! How much "39%" default rates can occur before the senior debt holders get paid off???? How long before the crap that isn't now REO is REO? 700express, what you are looking at is a freight train headed towards the US economy - plain and simple. What I am trying to show is: If you take the time to look underneath the bull crap put forth by the media and check out articles like the one linked to by Mvic...you will get a MUCH better picture of the future of America! Sorry - I wish I had a better and more pleasant outlook for you! -gastropod P.S. "The rest of the story": Ok, so here is where I "possibly mistakenly" (and I ask for anybody who knows better to chime in here - PLEASE!!!) give you how AIG fits into this story... We said that when the "senior" debt goes bad that the "issuer" would pay off the senior debt lender...well they will, but in order to "insure" against such a thing happening...the "issuers" entered into "Credit Default Swaps." These are the things that AIG "had to pay off" (or else Goldman would have gone bankrupt)...and the American public would have been spared BILLIONS of dollars! That is the entity left holding the "bags" - whomever has to pay off the senior debt holders - whether it be the issuer or the losing end of the credit default swap...or, as too often seems to be the case these days - the American public - because the "losing" end of the original credit default swap CANNOT PAY!
that's a lot of 180+ days on there...unfortunately many states passed some kind of moratorium (typically 90 days) which merely adds to the time it takes to foreclose on top of each state's general time line. Meaning that most of these are about to hit the bricks by the end of this year/early next year if BAC goes through with the process. Otherwise dragging their feet a bit would prolong things into the spring and summer of next year; gee, home buying season!
MattF - this gastropod (stomach with feet) is laughing his fat fool head off!!!! - couldn't agree more...so long as it is not a complete doomsday scenario (martial law, etc.)!!! Hopefully (though they have already tried) the dumb FU(K gov't doesn't try to intervene and further support home prices! -gastropod
BOA was bust in the 80's too.. they didn't meet the reserve requirement by a long shot. The regulators ignored it because they were too big to fail...