Here we go again: Re-Remic

[profette_IHB]

<a href="http://news.yahoo.com/s/ap/20090824/ap_on_bi_ge/us_meltdown_deja_vu/print">Remember me? Wall Street repackages toxic debt</a>



WASHINGTON ? Wall Street may have discovered a way out from under the bad debt and risky mortgages that have clogged the financial markets. The would-be solution probably sounds familiar: It's a lot like what got banks in trouble in the first place.



In recent months investment banks have been repackaging old mortgage securities and offering to sell them as new products, a plan that's nearly identical to the complicated investment packages at the heart of the market's collapse...



Financial gurus call it a "resecuritization of real estate mortgage investment conduits." On Wall Street, it goes by the acronym Re-Remic <span style="color: red;">(it rhymes with epidemic).</span>

 

[BondTrader_IHB]

[quote author="profette" date=1251165219]<a href="http://news.yahoo.com/s/ap/20090824/ap_on_bi_ge/us_meltdown_deja_vu/print">Remember me? Wall Street repackages toxic debt</a>



WASHINGTON ? Wall Street may have discovered a way out from under the bad debt and risky mortgages that have clogged the financial markets. The would-be solution probably sounds familiar: It's a lot like what got banks in trouble in the first place.



In recent months investment banks have been repackaging old mortgage securities and offering to sell them as new products, a plan that's nearly identical to the complicated investment packages at the heart of the market's collapse...



Financial gurus call it a "resecuritization of real estate mortgage investment conduits." On Wall Street, it goes by the acronym Re-Remic <span style="color: red;">(it rhymes with epidemic).</span></blockquote>


Yeah, we actually got calls from Goldman, Barclays (Lehman) and BOA and asked if we'd be interested in bidding on those. I didn't even bother to show those BS to our CIO, I told the bankers "Are u fxxking kidding me......try your luck with the hedge funds."