Here we go again: Re-Remic

[profette_IHB]

Remember me? Wall Street repackages toxic debt

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 (it rhymes with epidemic).

 

[BondTrader_IHB]

Remember me? Wall Street repackages toxic debt

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 (it rhymes with epidemic).

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."