GLG News by Subprime Mortgage Experts (US)

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.

Joseph ChathamPresidentChatham Mortgage Partners Inc.

Harbinger of Things to Come.

January 28, 2010

Analysis of:Home Prices: First Drop in Seven Months | money.cnn.com

When seasonally adjusted, the figures from the S&P/Case-Shiller 20-city home price index do not appear too bad. The numbers, however, do not reflect the shadow inventories of lenders who are simply not foreclosing because of backed-up REO departments, moratoriums, postponement-oriented loan modifications, etc. In addition to said inventories, do not forget the portfolios of Alt-A loans that are only now starting to go delinquent, namely the Pay-Option ARM's.

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.

Joseph ChathamPresidentChatham Mortgage Partners Inc.

Lower Rates, While Great, Do Little For Jumbo Lending

October 1, 2009

Analysis of:Real Estate Outlook: Mortgage Rate Dip Impacts Housing | realtytimes.com

The Realty Times article reflects the positive effects of lower interest rates on mortgage originations and home purchases, but fails to note the failure of said rates to transcend the conforming/conventional markets into the jumbo markets. The implications of this failure are that many homeowners in the higher cost states (CA, NY, MA, etc.) still cannot get competitive financing; thus, driving home prices down further.

Joseph ChathamPresidentChatham Mortgage Partners Inc.

It is all in the "W"

September 28, 2009

Analysis of:KB Home Loss Narrows on Fewer Write-Downs | online.wsj.com

KB, a lower cost builder, is benefitting from the perception that we have hit the bottom. We have not. Thus, the peak of the inside of the "W" is about to wane.

Joseph ChathamPresidentChatham Mortgage Partners Inc.

Round II: Coming to a neighborhood near you

September 25, 2009

Analysis of:"Option" mortgages to explode, officials warn | www.linkedin.com

While a very general description of the Pay Option ARM disaster that is looming, the Reuters article is dead-on in two conclusions: many more homes will be hitting the market over the course of the next two and one-half years and that the mortgage plague that started with the subprime crisis will be moving from the lower income strata to the middle and higher income areas.

Joseph ChathamPresidentChatham Mortgage Partners Inc.

Deutsche Bank Recognizes the Depth and Width of "A" Paper Crisis to Come

August 21, 2009

Analysis of:Deutsche Bank on those drowning US homeowners | ftalphaville.ft.com

The depth of the "Alt A" mortgage crisis is coming home to roost. We are likely to see the depreciate creep (or flood as the case may be) is going to hit the areas that the subprime loans barely touched.

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