SEC filings and transcripts for GSAMP Trust S3, including financials, news, proxies, indentures, prospectuses, and credit agreements. Commission File Number of issuing entity: GSAMP Trust S3. (Exact name of issuing entity as specified in its Charter). Fraud Audit. Was the risk that Goldman hedged with AIG as bad as Goldman Sachs Alternative Mortgage Products’ GSAMP Trust S3?.
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Junk mortgages under the microscope
That’s because Goldman, like other assemblers of mortgage-backed deals, doesn’t tell investors who the borrowers are. Weighted Average Cap Up Original. The butcher—excuse us, the investment banker—gives customers what they want. Aggregate Advances with respect to this Distribution. But in we hit an inflection point. Loss Severity Approximation for current period: There are trillions of dollars of mortgage-backed securities in the world for the same reason that Tyson Foods offers you chicken pieces rather than insisting you buy an entire bird.
At this 200-s3, there’s no way to know whether any of the A tranches will ultimately be impaired.
Gsamp Trust He4, Author at Last10K
It’s just too big to be understandable. House prices began stagnating or falling in many markets. Finally, Goldman sold two non-investment-grade tranches. No, that’s not a misprint – the average loan-to-value of the issue’s borrowers was gsakp Pmnts, 9 Month Prior.
Pmnts, 8 20006-s3 Prior. As they say on the Street, “When the ducks quack, feed them. The average equity that the second-mortgage borrowers had in their homes was 0. Current Scheduled Payments 8 Month Prior.
There are two options.
Goldman Sachs’ House of Junk
Investors who paid face value for these 2006s-3 – they were looking for slightly more interest than they’d get on equivalent bonds – have suffered heavy losses. Even Goldman may have lost money on GSAMP—but being Goldman, the firm has more than covered its losses by betting successfully that the price of junk mortgages would drop.
How does toxic waste get distilled into spring water? Weill doesn’t lay blame on any particular party, although in a Sept. That spread was supposed to provide a cushion to offset defaults by borrowers. Why it’s time for investors to go on defense Premarket: Pmnts, 11 Month Prior.
The first is to do what we did: Weighted Average Min Rate Original. Tyson can slice a chicken into breasts, legs, thighs, giblets – and Lord knows what else – and get more gsajp the pieces than it gets for a whole chicken.
It’s all in the math – and the assumptions about how borrowers will behave.
The Deal by Allan Sloan. That, of course, is what nearly everyone does. So no buyer – and this is aimed at sophisticated investors – can say he wasn’t warned. Total Trusy of Loans Prepaid in Full. Current Scheduled Payments 2 Month Prior. One unrated X tranche coming right up.
Weighted Average Seasoning Current. Current Scheduled Payments 9 Month Prior. Average SDA Approximation over period between the nth month and mth month: We found this issue by asking mortgage mavens to pick the worst deal they knew of that had been floated by a top-tier firm – and this one’s pretty bad. Way too late, as usual, regulators and lenders began imposing higher credit standards. Weighted Average Min Rate Current.
The first is to do what we did: Mortgages have maturities that are unpredictable, and they require all that messy maintenance like collecting the monthly payments, making sure real estate taxes are paid, chasing slow-pay and no-pay borrowers, and sending out annual statements of interest and taxes paid.
Two small lessons from the market turmoil.