GLG News by Asset Backed Securities Experts

Nicholas KrsnichPresident & Portfolio ManagerJMN Financial LLC

GSE Reform - The Future of Mortgage Finance

November 30, 2010

GSE reform might be better described as the development of a new United States Mortgage Funding System (USMFS). In this article a mortgage origination and sales process is suggested derived from business and structural elements of Government Sponsored Entities (GSEs), Federal Home Loan Banks, banking, banking regulation, and mortgage securitization.

Joseph SmithPresident and CEODefault Mitigation Management

QE II Leads the way to currency issues!

November 16, 2010

Analysis of:Intermission on the Stage of World Finance | seekingalpha.com

The dollar was already under fire, with QE II there is a big target on the dollar, certainly not worth the minimal impact to deflation.

John SalomoneManaging DirectorStructured Finance International, LLC

Goldman Should Call and Raise

May 3, 2010

Analysis of:Goldman Sachs: The $64,000 Question | seekingalpha.com

Right is right and the words in a private placement disclaimer have meaning.The federal government cannot ignore its own rules, cannot change their rules during the game and must be humiliated into learning, listening and reading before they again try to use their big sticks against people and companies based on their limited view of public sentiment.

Justin HupetPrincipal & Managing PartnerFour Peaks Capital LLC

Scotiabank: Canada's Most "International" Bank Increases Investment In China

December 30, 2009

Analysis of:Scotiabank boosts stake in China | www.theglobeandmail.com

Scotiabank has increased there stake in Xi'an City Commercial Bank to 14.8% (with an announced intent to take that to the maximum allowable stake of 20% under current Chinese regulations).This announcement reflects Scotiabank's continued commitment to expanding internationally via both investment and operations at opportune times in regions the Bank believes offer strong fundamentals with long-term growth potential.

Anthony CatanachDirectorDI2 Associates, LLC

More Under Armour Red Flags...

November 20, 2009

Analysis of:Stock Jocks Punish Under Armour's Mathletes | www.cnbc.com

Under Armour's most recent 10K contains a number of financial reporting "red flags" that reflect a cavalier attitude toward financial reporting transparency.

Anthony CatanachDirectorDI2 Associates, LLC

What the Former SEC Chairmen Missed...

November 19, 2009

Analysis of:Don't Let Banks Hide Bad Assets | online.wsj.com

Conceptually, the arguments favoring fair value accounting are sound and quite appealing. Unquestionably, financial statement users will benefit from data about how a company’s assets and liabilities change in value during a reporting period. However, there are two major issues associated with fair value reporting that accountants, investors, legislators, and regulators need to address in the wake of our most recent financial crisis.

Anthony CatanachDirectorDI2 Associates, LLC

What Have the Accountants Done For Us Lately?

November 19, 2009

Analysis of:Systemic risk legislation threatens FASB’s independence | www.accountingweb.com

Debates about the causes of the recent financial crisis have yet to focus on the inability of financial institution independent auditors to provide adequate oversight over management’s valuations of financial instruments.

John SalomoneManaging DirectorStructured Finance International, LLC

Not All Real Estate Is the Same - 4 Different Issues

November 9, 2009

Analysis of:Handling real estate loans will be a tough act | www.dallasnews.com

Real estate financing and refinancing poses 4 different levels of risk for lenders and owners, based on the project life cycle and its financing and overall structure. Broad statements about the looming problems are just that "broad statements" Real estate market participants must look at each transaction within the context of the 4 kinds of Real Estate Finance Structures, if they want to properly assess financing and refinancing values, issues and risk.

Justin HupetPrincipal & Managing PartnerFour Peaks Capital LLC

Genworth MI Canada: Successful IPO, But Mixed Market Reaction

July 9, 2009

Analysis of:What to take from Genworth's IPO | www.theglobeandmail.com

Genworth Financial (NYSE:GNW) completed an IPO of their Canadian operations in a bid to raise capital to pay down debt at the parent company.  The mortgage insurer’s Canadian offering raised at least C$850 million (44.7mm shares priced at C$19 per share and the underwriters have the option to sell an additional C$127mm (6.7mm shares) up until August 6th).  If the option is exercised in full, Genworth Financial would have a 56% ownership interest in Genworth MI Canada (TSX:MIC).  This is the largest IPO in the Canadian marketplace since 2007, when gold miner Franco-Nevada raised C$1.3bn, and is only one of a handful of IPO’s completed in Canada YTD.

David PottsFormer Finance DirectorLLOYDS T S B ASSET FINANCE DIVISION LTD

Rate of UK job cuts in financial services forecast to decline in Q3

July 1, 2009

Analysis of:U.K. Financial Firms Plan 13,000 Job Cuts Even as Optimism Grows, CBI Says | www.bloomberg.com

The Confederation of British Industry talks about further job cuts in financial services in the next quarter but should this be surprising? The forecast represents a fall in the rate of compared with Q1 and Q2 2009 and this at a time when a major banking merger in the UK is in progress.

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