GLG News by Subprime Mortgage Experts (US)

Joseph ChathamPresidentChatham Mortgage Partners Inc. What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

I hate to say I told you so, but.....

August 11, 2009

About Half Of U.S. Mortgages Seen Underwater By 2011 | www.reuters.com

We have a perfect storm brewing in the housing real estate market. All facts point to a furthur drop in values.

Joseph ChathamPresidentChatham Mortgage Partners Inc. What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Article should be titled: "Fed Moves To Curb Lending Further"

July 24, 2009

Fed moves to curb housing abuses | money.cnn.com

Limiting Compensation on "sub-prime" loans will kill the industry as well as stifle lending even further.

Joseph ChathamPresidentChatham Mortgage Partners Inc. What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Home Prices: This slide is but a taste of things to come

June 4, 2009

Home prices slide 14% | money.cnn.com

Although steep declines in home values are enticing new homebuyers, the overall affordability indices are troublesome.  Existing "A" paper laon portfolios suggest trouble ahead. Further declines are not only coming, they should be welcome.

Joseph SmithPresident and CEODefault Mitigation Management What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Will only owrk if they do something with the mortgages!

December 12, 2008

RBS Promises Borrowers Six-Month Respite Before Foreclosing on Mortgages | www.bloomberg.com

1. Only works if the loans are re-performed. 2. Can be a rat in the snake waiting to pass. 3. Can make the situation worse with failure to reperform 4. There are good and bad modifications

Nicholas Krsnich, President & Portfolio Manager

Nicholas KrsnichPresident & Portfolio ManagerJMN Financial LLC What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

2nd Chance

December 5, 2008

2nd Chance | www.jmnfinancial.com

Patterned after the depressions "New Deal", "2nd Chance" offers suggestions for bank recapitalization, handling of foreclosed homes, and restarting a struggling RMBS securities market.

Joe GarrettPrincipal ConsultantGarrett, Watts & Co What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

It's the loans, not the deposits

October 13, 2008

Wells Fargo scuppers Citigroup's takeover of Wachovia | www.guardian.co.uk

Sometimes you don't want to get what you've been hoping for.  Wachovia has a top deposit gathering franchise, and they clearly help complete much of the Wells Fargo footprint.

Joseph SmithPresident and CEODefault Mitigation Management What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Blame the models and Risk Based Pricing

September 30, 2008

Why Risk Models Failed to Spot the Credit Crisis by Adam Davidson | www.npr.org

Models only cover certain variables and the crisis involved much more than mortgage pricing and a few macroeconomic issues. Risked based pricing as used in the mortgage industry had an underlying flaw that caused the models to fail. Greed played the other part.

Joseph SmithPresident and CEODefault Mitigation Management What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

What to expect from the bailout.

September 12, 2008

U.S. bails out Fannie Mae, Freddie Mac, ousts CEOs | www.bizjournals.com

1. Shows how truly bad the mortgage industry has gotten and how scared the feds are of where we are going. 2. If the major source of liquidity can not survive, who will? 3. What should be the outcome.

Maureen BoltonPrincipalGlobal Capital Access What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Will Government's Promotion of Covered Bonds as Mortgage Funding Mechanisms Bring Back Investors to US Mortgage Market?

July 30, 2008

Treasury and Banks Kick Start Home Financing Tool | www.reuters.com

This article is important because it announces and describes: a) the US Treasury's support of covered bonds, an on-balance sheet method of funding mortgage originations, as an alternative to off-balance sheet mortgage securitizations or mbs b) Four major US banks announcements of their intentions to bring covered bond issues to market in the near future and and their commitment to provide pricing information in order to facilitate the trading of covered bonds and c) the FDIC's support of a covered bond market and its policy statement describing how it would treat covered bond investors in the event that an issuing bank become insolvent. The government and market participant actions described in the article are remarkable because they appear to contemplate an on-going involvement of the US Treasury and FDIC in the funding of mortgages that is more hands-on than any such actions to date, creating a defacto US govt gtd covered bond market.

Joseph SmithPresident and CEODefault Mitigation Management What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

UBS Pain far from Over

May 28, 2008

UBS Falls After Saying More Mortgage Losses Possible | www.bloomberg.com

The news is not good for UBS. The amount of mortgage holdings in US and Non-US declining markets will lead to further losses. 1. $45 B of additional US Mortgage Holdings. 2. An undisclosed amount of non-US mortgage holdings. 3. A UK and Eurpoean mortgage market that is going down as well. 4. The slump in home prices is not over and is impacting performing mortgages. 

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