Mr. Mortgage

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WoeIsMe_IHB

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...exposes Lehman ALT-A


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...on Forclosures


<embed width="425" height="350" type="application/x-shockwave-flash" id="VideoPlayback" quality="high" pluginspage="http://macromedia.com/go/getflashplayer" wmode="transparent" src="http://www.youtube.com/v/iO3gmJsZDkY"></embed>





Thought you guys would like to see these, esp. LM. Hedgie over at the ticker made these, pretty sweet...
 
Okay, this guy is ranting about Aurora aka Lehman, and their level III assets, but he is showing a wholesale broker rate/guideline sheet. Uh... just a big, huge, gigantic difference in the whole bigger picture. Not saying it is not bad or anything, but this guy is just ranting about Lehman when they all had the same guidelines. Yeah, IndyCrap had the same guidelines. Anyway, here is a March 2006 Lehman pay option ARM MBS deal spectacular. Hopefully the forum software doesn't munch up the table at the end.





<img width="640" height="376" src="http://img801.mytextgraphics.com/photolava/2008/04/04/lehmanopt1-4a27m2hsn.jpeg" alt="" />


<img src="http://img701.mytextgraphics.com/photolava/2008/04/04/lehmanopt2-4a27mi94r.jpeg" alt="" />











Distribution Date









<nobr>------ Delinquencies ------</nobr>





<nobr>30 Day</nobr>

<nobr>60 Day</nobr>

<nobr>90 Day</nobr>









FCL

BK

REO

Cumulative


Net Loss Rate

Prepayment


Rate (CPR)

Pool Balance


(000)





Mar 2008









3.58%

2.53%

0.56%









6.50%

0.93%

3.32%

0.38%

9.56%

1,049,128





Feb 2008









3.59%

2.23%

0.91%









5.82%

0.72%

2.70%

0.22%

3.68%

1,057,961





Jan 2008









2.81%

2.04%

0.63%









5.83%

0.70%

2.18%

0.21%

8.10%

1,061,279





Dec 2007









3.11%

1.88%

0.70%









4.73%

0.51%

2.13%

0.17%

5.02%

1,068,776





Nov 2007









2.63%

1.60%

0.39%









4.32%

0.36%

1.77%

0.11%

4.60%

1,073,376





Oct 2007









2.00%

1.34%

0.17%









3.72%

0.20%

1.56%

0.09%

4.61%

1,077,598




 
Thanks Graph.





Man, those guys can really get me fired up. They made it seem like he could get in serious trouble, black helicopter trouble, for showing those sheets. Here's the <a href="http://www.tickerforum.org/cgi-ticker/akcs-www?post=38240">post.</a>


Thanks for tempering.
 
Yeah... I like those guys too, but they tend to exaggerate things a bit. They make a good point though, as the numbers I posted are awful. Not Armageddon awful like the video would make you think it is, but awful nonetheless. There are MBS pools, that are similar, that look worse.





The main reason I posted that was for the LTV being 77% and the FICO being 709. The guy in the video makes you think all they did were 100% stated income loans with a 620 FICO, and let me tell you, just because it was on a rate sheet doesn't mean the loan will get approved. If you took 10 people with a 620 FICO, 1 might get approved. People who have a 620 FICO typically had something on their credit, that the sheet that he showed, would kick them out.





Now, I did check another Lehman MBS pool and it was worse. When I checked the prospectus, they had sub-divided out each pool group vs. having the total of the pool, making it twice as long with over 800 pages compared to over 400 for most. So, it would be a PITA to post the 8 pages of what types of loans were in the pool. I will say that the LTVs were around 97%, the FICOs were in the low 600s, and the delinquencies were nearly twice as bad. No surprise, and surprisingly better than most pools with that garbage in them.
 
Strippers make lots of money. I closed a loan last summer (one of the last I closed), and she reported her income and made a LOT of money. Had a nice figure, but an average face and hair. I guess she would look great all made up. I would imagine a lot of them don't report a lot of their cash.
 
All I know is Lehman Bros was a big buyer of Indymac's Alt-A garbage. The average joe underestimates the amount of Alt-A paper in Orange County. It is monumental. Masterofdamoney and I have seen teh W2's and the 1040's and they ain't good. Nowhere near enough to purchase a home.
 
[quote author="lawyerliz" date=1207364500]Strippers make lots of money. I closed a loan last summer (one of the last I closed), and she reported her income and made a LOT of money. Had a nice figure, but an average face and hair. I guess she would look great all made up. I would imagine a lot of them don't report a lot of their cash.</blockquote>


Liz, did she pay your fee in crumpled up Dollar Bills?
 
[quote author="lawyerliz" date=1207364500]Strippers make lots of money. I closed a loan last summer (one of the last I closed), and she reported her income and made a LOT of money. Had a nice figure, but an average face and hair. I guess she would look great all made up. I would imagine a lot of them don't report a lot of their cash.</blockquote>
You would be incorrect. Most that spend more than a year in the business keep meticulous records because they are independent contractors, usually have children, and take every possible deduction they can find. Considering the job requirements, those deductions can include clothes, make-up, shoes, gas and vehicle expenses, gym memberships, etc. So it pays for them to file taxes, both in having verifiable income, and in their yearly 'bonus' from Uncle Sam.
 
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