Archive for May, 2008

Subprime Write-Offs - 80/20

0 Comments Published May 14th, 2008 in Banks.

Fitch announced today that it believed that further write offs of subprime backed securities could come, but that 80% of write downs are now over.  It does not see any material ratings changes to be made because of the subprime mess.  It also said that it estimated that banks proper hold around 50% of the […]

FASB: We warned you about subprime

0 Comments Published May 2nd, 2008 in Uncategorized.

Financial Accounting Standards Board (FASB) chairman Robert Herz reminded everyone that it put out a ‘reminder’ in December 2005 warning about the risks of subprime mortgage backed assets.  Okay, you really have to wonder if anyone actually took this seriously or read the memo.  Clearly FASB did not see the true extent of the problem […]

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This blog discusses subprime mortgage problems. Subprime problems began when lenders offered loans to potential home owners with bad credit or credit / income that did not meet the standards of traditional lending. Subprime mortgages for people with bad credit or no credit face an uncertain future. Once the hope of many to enter into home ownership has now been corrupted both by overreaching consumers and predatory lenders. I hope to follow the aftermath of this crisis.

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