Mr. Joseph Smith II

GLG News by Mr. Joseph Smith II, President and CEO

GLG News is now G+ Insights

G+ is a community for professionals, academics and entrepreneurs to connect through online discussions and in-person meetings. You will continue to see G+ Insights (formerly GLG News) here as well as on the G+ website, where you can share and discuss the G+ Insights you read.

Hidden losses to come

October 10, 2007

Analysis of:Unlikely Mortgage Winner | online.wsj.com

The problem with programs of this type is flight from debt. For many of the lenders for which we work, we can not find a high number of these foriegn buyers. if they have any problem with their financial situation they leave the country. Numerous principal residences are vacant and we have tracked them to housing scams where the refinance or purchase was related and inflated.

It is more than liquidity and perception - the Housing Crisis

September 20, 2007

Analysis of:Financial crisis triggers first stress test | investing.reuters.co.uk

Stress is yet to be seen, early indicators are bad, the future is going to be worse. The actions to date have failed the test for working out of the mortgage crisis. What is yet to come on the mortgage market can be changed if acted on, current trends are leading to disaster.

Is the end in site? real estate issues

July 24, 2007

Analysis of:What Could Topple Bulls' 'Wall of Worry'? | online.wsj.com

The implication in the prior articles is that the issue is over with sub-prime. It is not, it just first manifested istelf there. The Alt A product is now showing higher delinquencies then forcasted. The bigger issue is the resets, number of loans (inventory) on the market and depreciating home values.

Perfect Storm in Default: Mortgage Servicing News Febraury

March 5, 2007

Analysis of:Subprime Game's Reckoning Day | online.wsj.com

I agree with the Wall Street Journal article. I had an article in Mortgage Servicing News in the February MBA Servicing Conference Issue title the "Perfect Storm in Defualt." My remarks and commentary are attached below.

The issues raised in the Wall Street Journal article are applified and dimensioned in my article.

Highlights the need for different workout solutions or face a liquidity crisis for mortgages and possibly the whole MBS market.

Highlights the needs for different thinking than exists in the current Pooling and Servicing Agreements.

Points the issues of why we are not only headed to recession but a bad recession.

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