Thursday, April 05, 2007

Bad Mortgage Ripple Effects

Here's another data point on the question of how exposed banks are to real estate losses. Barry Ritholtz points us to the list of biggest creditors to the now-bankrupt mortgage company New Century (NC):
Real Estate Wednesday continues with this short list, pulled from New Century's bankrupcy filing (Why do I have to go across the pond to find stuff like this?)
"Goldman Sachs has emerged as the single biggest creditor of New Century, the American sub-prime mortgage lender, which filed for Chapter 11 bankruptcy last night, after writing $60 billion (£30.4 billion) of American home loans.
The list that Barry kindly provides us includes lots of banks (and their mortgage finance arms). They will lose some (much?) of the money they loaned to NC, so this gives us a concrete example of banks losing money due to bad mortgages.

I'm not sure how loans to a finance company like NC would appear on the books of a bank, but I suspect that they would not have been explicitly classified as a real estate loan for Federal Reserve reporting purposes (which is where I took my data from). If my supposition is correct, then this type of loss to banks is in addition to the direct losses that they will face as some of the mortgages they own themselves go bad. My conclusion is that my estimate of banks' exposure to real estate losses was therefore on the low side - perhaps by quite a bit.

37 comments:

  1. Anonymous2:26 PM

    Because a diet recipe really is. The diet belief that grain was
    consumed only as a last resort. Vitamin B12 should also be avoided.
    It opens the door, and you can pick up all the necessary requirements --
    can create applications that talk via the protocol or set of protocols, really.
    From here, Klassen was able to maintain your healthy weight.


    Feel free to visit my web site :: paleo diet desserts

    ReplyDelete
  2. Anonymous6:09 PM

    By dividing up the party at several peoples houses
    you make it easy on yourself. Even Halloween parties with the very best Halloween costumes can get dry after everyone's seen the costumes to be seen and passed out the candy to the beggars. The game would begin with them watching the collapse of society and the outbreak of magic around the world.

    My site: taylor

    ReplyDelete
  3. Anonymous6:09 PM

    If your tween is into paint-ball you can take everyone to play paint-ball.

    At the end of the party all of the papers write down who they think was the prohibition
    agent. At each house you have the hostess serve something small to eat, and host a
    small game.

    My homepage - cancer

    ReplyDelete
  4. Anonymous7:43 PM

    In this article I will teach you the basics of how to have fun learning your chords by playing out of a Fake Book.
    So you want to learn how to play the piano. Pretend that
    we are palming an egg and keep your arms relaxed and fingers curled.


    Also visit my site; christian piano chords and lyrics

    ReplyDelete
  5. Anonymous2:59 AM

    Narrow blood vessels lie alongside the intestines of the earthworm and they absorb the nutrients from the alimentary canal feeding the rest of the body.
    Anna had been looking through my phone while I was naked.

    The food is decent and the drink specials on Tuesdays include $2.


    my blog post good pub quiz names

    ReplyDelete
  6. Anonymous4:41 PM

    Chords introduce harmony into music and it is the effects created by chords that produce the inspiration behind so much music and make it
    so satisfying both to listen to and to play.
    As an alternative, it will most likely be far more powerful for you to learn about audio and chord idea.

    These hail every little thing played getting rid of barely
    the sophisticated keys, so you ought to keep effective toward crush extra listed below
    barely a limited area of time.

    Look into my weblog :: free piano chords and notes

    ReplyDelete
  7. Anonymous4:05 PM

    On Sunday nights Erin Jaimes hosts a blues jam
    where anyone from Alan Haynes to Gary Clark, Jr. You must definitely be
    planning to make it special and memorable by keeping a good theme, ordering the best food and choosing the best games.

    They feature almost nightly drink specials and some form of entertainment every night of the week--DJ's, live music, trivia, you name it.

    My homepage pub quiz aberdeen

    ReplyDelete
  8. Anonymous3:42 AM

    Because there are various other techniques used by blackhat web search engine s, we read their tweets,
    and Facebook posts.

    my weblog search engine optmization

    ReplyDelete
  9. Anonymous5:28 PM

    The owner decided after the event to donate half of the
    proceeds back to the students. You make different challenges like scavenger hunts, food challenges,
    mazes and races. The game would begin with them
    watching the collapse of society and the outbreak of
    magic around the world.

    Feel free to surf to my web site :: delta com

    ReplyDelete
  10. Anonymous11:06 AM

    In that case, this kind of question should not be taken from any show telecasted
    in specific country. * Team answer sheets - Basically a grid
    lined A4 type sheet with answer write in numbered boxes
    and a line on top for the team name. The food is decent
    and the drink specials on Tuesdays include $2.

    Also visit my web page - pub quiz archives

    ReplyDelete
  11. Anonymous5:13 PM

    Also, we need to determine the rounds of the quiz according to it.

    You must definitely be planning to make it special and
    memorable by keeping a good theme, ordering the best food and choosing
    the best games. The decline of the East side blues scene was disheartening,
    but, it also gave rise to the need for a fresh start, which came in the form of the next blues-only venue, Antone's, founded by the late Clifford Antone, during the summer of 1975.

    My site: brainstormer pub quiz answers

    ReplyDelete
  12. Anonymous5:19 AM

    Narrow blood vessels lie alongside the intestines of the earthworm and they absorb the nutrients from the alimentary canal feeding
    the rest of the body. Anna had been looking through my phone while I was naked.

    The decline of the East side blues scene was disheartening, but, it
    also gave rise to the need for a fresh start, which came in the form of the
    next blues-only venue, Antone's, founded by the late Clifford Antone, during the summer of 1975.

    Feel free to visit my web page ... pub quiz and answers general knowledge

    ReplyDelete
  13. Anonymous3:12 AM

    - Exorphins: Anti-nutrient found in dairy products and wheat.
    - 1 tsp cinnamon (optional). - Lecithin.

    Feel free to surf to my website ... the paleo diet and cholesterol

    ReplyDelete
  14. Anonymous9:42 PM

    In that case, this kind of question should not be taken from any show telecasted in specific country.

    You must definitely be planning to make it special and memorable by keeping a good theme, ordering the
    best food and choosing the best games. 28.

    my webpage: brainstormer pub quiz answers

    ReplyDelete
  15. Anonymous9:56 PM

    The decor on the inside of the restaurant is absolutely beautiful.
    Brazenhead is a great place to go with your family or for a business
    lunch or dinner, but if you are looking for a party atmosphere, this isn't it. The decline of the East side blues scene was disheartening, but, it also gave rise to the need for a fresh start, which came in the form of the next blues-only venue, Antone's,
    founded by the late Clifford Antone, during the summer of 1975.


    Here is my web blog :: brainstormer pub quiz answers

    ReplyDelete
  16. Anonymous4:14 AM

    Also, we need to determine the rounds of the quiz according to it.
    I believe my exact words were "I don't want to be your dirty little secret. Theme Format: It is almost like standard format of the pub quiz.

    Here is my blog ... funny pub quiz names

    ReplyDelete
  17. Anonymous12:35 PM

    Some were practical, of course, but others were psychological and emotional.
    * Team answer sheets - Basically a grid lined A4 type
    sheet with answer write in numbered boxes and a line on top for the team name.
    Theme Format: It is almost like standard format of the pub
    quiz.

    my web page :: pub quiz austin

    ReplyDelete
  18. Anonymous12:22 PM

    In other words, they go against the grain of the careers their parents had.
    At the end of each round read out the cumulative scores.

    The buccal cavity is a small cavity that has neither jaws nor teeth.


    Here is my weblog; pub quiz team names

    ReplyDelete
  19. Anonymous11:38 PM

    Some were practical, of course, but others
    were psychological and emotional. Below are listed a
    few popular pubs where one can chill in Mumbai. Theme Format:
    It is almost like standard format of the pub quiz.

    Have a look at my weblog fun pub quiz names

    ReplyDelete
  20. Anonymous4:15 AM

    The only hurdle to accessing this is of course human limitations
    and the fact that the brain does not function solely as a learning tool for the human being.
    *Rounds table format. The Bull's Head Pub, Bangkok.

    My web page - Pub Quiz Anagrams

    ReplyDelete
  21. Anonymous12:20 AM

    In that case, this kind of question should not be
    taken from any show telecasted in specific country.
    Local country clubs are offering trivia fun for as little
    as forty dollars per couple. 8.

    Here is my web-site :: pub Quiz and Answers

    ReplyDelete
  22. Anonymous1:54 AM

    DJ spins out on Saturday nights. Anna had been looking through my phone while I was naked.
    8.

    Feel free to surf to my website best pub quiz names

    ReplyDelete
  23. Anonymous4:58 AM

    The only hurdle to accessing this is of course human limitations and the fact that the brain does not function solely as a learning tool for the
    human being. Anna had been looking through my phone while
    I was naked. The buccal cavity is a small cavity
    that has neither jaws nor teeth.

    Visit my web page pub Quiz austin

    ReplyDelete
  24. Anonymous11:57 PM

    The decor on the inside of the restaurant is absolutely beautiful.
    I believe my exact words were "I don't want to be your dirty little secret. Theme Format: It is almost like standard format of the pub quiz.

    Feel free to visit my blog ... clever pub quiz names

    ReplyDelete
  25. Anonymous6:27 PM

    (Thank you rounds are always welcome, of course. You must definitely be planning to make
    it special and memorable by keeping a good theme, ordering the best food and choosing the best games.
    Ask your local club to run this for you.


    my web blog :: pub quiz aberdeen

    ReplyDelete
  26. Anonymous9:33 PM

    DJ spins out on Saturday nights. At the end of each
    round read out the cumulative scores. Theme Format:
    It is almost like standard format of the pub quiz.


    My web blog ... clever pub quiz names

    ReplyDelete
  27. Anonymous9:08 PM

    Some were practical, of course, but others were psychological and emotional.
    Anna had been looking through my phone while I was naked.
    Ask your local club to run this for you.

    Feel free to visit my blog - good pub quiz names

    ReplyDelete
  28. Anonymous1:57 AM

    In other words, they go against the grain of the careers their parents had.
    Anna had been looking through my phone while I was naked.
    8.

    Here is my web page :: redtooth pub quiz answers

    ReplyDelete
  29. Anonymous2:13 PM

    In other words, they go against the grain of the careers
    their parents had. *Rounds table format. Theme Format: It is almost like
    standard format of the pub quiz.

    my page :: clever pub quiz names

    ReplyDelete
  30. Anonymous9:45 PM

    Some were practical, of course, but others were psychological and
    emotional. Popular prizes include sports tickets, cash
    and vouchers for drinks, food - and dollars off of tabs.
    The food is decent and the drink specials on Tuesdays include $2.


    my web-site ... best pub Quiz team names

    ReplyDelete
  31. Anonymous10:07 PM

    DJ spins out on Saturday nights. * Team answer sheets - Basically a
    grid lined A4 type sheet with answer write in numbered boxes and
    a line on top for the team name. The buccal cavity is a small cavity that has neither
    jaws nor teeth.

    My blog :: pub quiz names

    ReplyDelete
  32. Anonymous12:29 AM

    Narrow blood vessels lie alongside the intestines of the earthworm and they absorb the nutrients from the alimentary canal feeding the rest of the body.

    *Rounds table format. 8.

    Have a look at my web page brainstormer pub quiz answers

    ReplyDelete
  33. Anonymous9:21 AM

    Fashion Games of Teen Girls Interested Are Fun These challenges are at times shared amongst buddies.
    Unfortunately for me as an addict, I need my crime fix.
    Every Halloween party that people remember later in the year by saying things like "Do you remember so-and-so's Halloween party last year.

    Feel free to visit my weblog ... flights

    ReplyDelete
  34. Anonymous10:43 AM

    The only hurdle to accessing this is of course human limitations and
    the fact that the brain does not function solely as a learning tool
    for the human being. * Team answer sheets - Basically a grid lined A4 type sheet with answer write in numbered boxes and a line on top for the team name.

    Ask your local club to run this for you.

    Feel free to visit my website pub quiz aberdeen

    ReplyDelete
  35. Anonymous2:48 PM

    The players would begin as members of the SCA, going to Phoenix for the Estrella War.
    At the end of the party all of the papers write down who they think was the
    prohibition agent. Play games all night long in keeping with the
    twenties theme such as various card games and crossword puzzles.


    Here is my web-site; computer monitors

    ReplyDelete
  36. Anonymous4:08 PM

    In other words, they go against the grain
    of the careers their parents had. Brazenhead is a great place to go with your family or for
    a business lunch or dinner, but if you are looking for a party atmosphere, this isn't it. Theme Format: It is almost like standard format of the pub quiz.

    Here is my blog Fun pub quiz names

    ReplyDelete
  37. Anonymous3:20 PM

    Narrow blood vessels lie alongside the intestines of the earthworm and they absorb
    the nutrients from the alimentary canal feeding the rest of
    the body. Local country clubs are offering trivia fun for as little as forty
    dollars per couple. Her father, Bruce Paltrow, produced
    the critically acclaimed TV series that is
    considered the precursor to many medical shows today, St.


    Check out my blog post - pub quiz and answers

    ReplyDelete