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Daily News Roundup 2012: Friday 27 April
Good morning The headlines: Deutsche Bank quarterly profits are down by 35%. Part of the loss (about a third) was a result of DB writing off its investment in Actavis; the sale of which was announced yesterday. Awkward on the face of it. Link: Deutsche Bank announces quarterlies. I’m enjoying watching the Catholic criticism of US […]
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The Subprime Mortgage Crisis
Alright, before I begin, I’d like to make the following observations: Some of the concepts/instruments I am going to mention have been explained more fully in a number of previous posts: Mortgages (see here) Mortgage-Backed Securities (MBS) (see here) Collateralised Debt Obligations (CDO) (see here) Ratings Agencies (see here) The content is based on a […]
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Collateralised Debt Obligations. Robligations?
So, in my last article post on this topic, I talked about Mortgage-Backed Securities AKA Collateralised Mortgage Obligations (click here). The key points: A bank/mortgage-lender builds a pool of mortgages. It repackages the cash-flows that it will receive from the mortgage pool, and sells them to investors as Mortgage-Backed Securities (MBSs). The MBSs are split […]
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