GLG News by US Life Insurance Pricing Trend Experts

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Cerberus, Means Business

October 28, 2008

Analysis of:GMAC Struggles With Financing | www.nytimes.com

Cerberus Capital Management's current issues with other holdings and issues such as Mervyns, the possible merging of GM and Chrysler, and a very difficult lending environment within GMAC reflect the firms focus towards an eventual profitable book.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

OnLine Search, Current Economy Hedge...

October 24, 2008

Analysis of:Google defies economy to beat forecasts, shares surge | www.livemint.com

The internet and specifically search engines are where people go today for deep discounts, low costs, answers, information, and new jobs... Each and every year, the rotation (when feasible) more consumers find comfort within Internet properties.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Automotive industry competition, more not less

October 14, 2008

Analysis of:GM, Ford SharesHit New Lows As Sentiment Fades Further | online.wsj.com

More competition, not less is required within the automotive industry. Positive results will eventually be rewarded by a free market.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Southern California Mortgage Lending Rates Drop

September 15, 2008

Analysis of:Mortgage market improves with new market-leading deals | www.timesonline.co.uk

Effective immediately after the Fannie/Freddie take over, the DITECH origination service of Cerberus' GMAC Financial Services launched a television campaign to offer 5.5% interest rate mortgage loans.

Martin KamarckPrincipalMAKO Consulting LLC

With the GSEs "Nationalized," Will There Still be a Market for Mortgage Insurance?

September 15, 2008

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

The GSEs succeeded in supporting the creation of a broad, deep, liquid national market for mortgages.  They used their market power to impose standardization on mortgage terms and underwriting.  Thus was born the "conforming mortgage." Mortgage insurance is an artifact of this history.  It is an inefficient and (at the individual whole loan level) unnecessary credit enhancement.  But the rumors of MI's demise are premature. The last thing the new management of the GSEs want to do is spook the markets with sudden moves, loud noises or big changes. That said, there will be pressure to impose much more rigorous capital allocation/portfolio risk management controls.  Politically, they can't reduce volume, per se, immediately at least, but the management of counterparty risk exposure to the MIs may well become more active. Bad news for weaker MIs.   Later the survivors will again be caught between price competition and "innovation" (bad risk) in a smaller market.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

The Bear Sterns Equity Strip Model

September 15, 2008

Analysis of:Lehman Brothers faces Korean takeover bid | www.timesonline.co.uk

Unlikely that a suitor firm will take over Lehman directly by itself without assistance, perks or partners. As you may recall Bear Stearns in a similar situation, and remember that the Feds had to lend and assist JP Morgan with the acquisition.

Martin KamarckPrincipalMAKO Consulting LLC

With the GSEs "Nationalized," Will There Still be a Market for Mortgage Insurance?

September 12, 2008

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

The GSEs succeeded in supporting the creation of a broad, deep, liquid national market for mortgages.  They used their market power to impose standardization on mortgage terms and underwriting.  Thus was born the "conforming mortgage." Mortgage insurance is an artifact of this history.  It is an inefficient and (at the individual whole loan level) unnecessary credit enhancement.  But the rumors of MI's demise are premature. The last thing the new management of the GSEs want to do is spook the markets with sudden moves, loud noises or big changes. That said, there will be pressure to impose much more rigorous capital allocation/portfolio risk management controls.  Politically, they can't reduce volume, per se, immediately at least, but the management of counterparty risk exposure to the MIs may well become more active. Bad news for weaker MIs.   Later the survivors will again be caught between price competition and "innovation" (bad risk) in a smaller market.

Martin KamarckPrincipalMAKO Consulting LLC

With the GSEs "Nationalized," Will There Still be a Market for Mortgage Insurance?

September 12, 2008

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

The GSEs succeeded in supporting the creation of a broad, deep, liquid national market for mortgages.  They used their market power to impose standardization on mortgage terms and underwriting.  Thus was born the "conforming mortgage." Mortgage insurance is an artifact of this history.  It is an inefficient and (at the individual whole loan level) unnecessary credit enhancement.  But the rumors of MI's demise are premature. The last thing the new management of the GSEs want to do is spook the markets with sudden moves, loud noises or big changes. That said, there will be pressure to impose much more rigorous capital allocation/portfolio risk management controls.  Politically, they can't reduce volume, per se, immediately at least, but the management of counterparty risk exposure to the MIs may well become more active. Bad news for weaker MIs.   Later the survivors will again be caught between price competition and "innovation" (bad risk) in a smaller market.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Localized Real Estate Recovery

August 18, 2008

Analysis of:Mortgage lending falls 32% as prices slump | business.timesonline.co.uk

The prior several years have definitely been a severe downturn (stating the obvious) in the destruction of existing housing prices. Bloated inventories, overextended borrowers, lack of decent funding, macro economics, lack of faith in the valuations have all contributed to this mess. But it definately is a cycle, and cycles CHANGE.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

It's a cycle, stupid!

August 12, 2008

Analysis of:Will Tom McKillop resign from Royal Bank of Scotland? | business.timesonline.co.uk

Yes, it is a mess - I have seen about 3 or 4 cycles such as these over the last 30-years.  We have all seen this mess coming years ago. In 2004, a vast amount of mortgage originators were doing some very creative things to sell mortgages. HEOPA and high cost was in effect while these negative equity mortgages were written. But, if a measure of a trillion dollars markdown against the GDP is compared - it is not the end of the world - bad yes, stupid yes, and yes we will see this kind of thing again.

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