Word: bankses
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If it is the government's goal to preserve the private banks as private banks and keep losses to a minimum, the test should go beyond looking at what is likely to happen and focus more on the things that are not predictable. It may require hiring PhDs in chaos...
Mortgage bonds used to be the stars of finance. Home loans, after all, have a lot going for them: the vast majority of people, even today, make their mortgage payments on time. What's more, mortgage bonds are made up of thousands of home loans, giving them safety through diversity...
The valuation of a mortgage bond like Jupiter is a white-hot argument. Most Wall Streeters agree that a large number of such bonds--amounting to hundreds of billions of dollars, perhaps trillions--are worth far less than their stated, or par, value. How much less is central to resolving...
A recent Goldman Sachs report estimates that most investment banks believe bonds like Jupiter are worth 40% less than what was paid for them, or 60¢ for every dollar invested. But given how many of Jupiter's bonds have gone bad, you could just as easily guess that it is...
"Banks thought they could buy these bonds and lock them in their closet," says Rohan Douglas, chief executive of Quantifi, which helps investors and banks evaluate the riskiness of their portfolios. "Now those doors are being pried open, and what we are finding is one big mess."