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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So if a borrower decided to keep on paying the first mortgage but not the second, the holder of the second would get bagged.
A version of this article tryst originally published in the October 29, issue of Fortune. That spread was supposed to provide a cushion to offset defaults by borrowers. After paying the people who collected the payments and handled all the other paperwork, the GSAMP Trust had ten percentage points left.
It gets even hinkier. Check out one of these jewels on a Bloomberg machine, and the price chart looks like something falling off a cliff. What is there to take away from our course in Junk Mortgages ? Pmnts, 9 Month Prior. Way too late, as usual, regulators and lenders began imposing higher credit standards. It’s all in the math – and the assumptions about how borrowers will behave.
You have only the illusion of safety. Weighted Average Months to Maturity Current. 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.
After paying the people who collected the payments and handled all the other paperwork, the GSAMP Trust had ten percentage points left. Pmnts, 10 Month Prior. And no one knows whether borrowers’ incomes or assets bore any serious relationship to what they told the mortgage lenders. Pmnts, 11 Month Prior. By Allan Sloan April 12, Current Scheduled Payments 9 Month Prior. Weighted Average Seasoning Original.
Current Scheduled Payments 10 Month Prior. Customers are happy, because they get only the pieces they want. Way too late, as usual, regulators and lenders began imposing higher credit standards. That’s because the models were based on recent performances of junk-mortgage borrowers, who hadn’t defaulted much until last year thanks to the housing bubble.
Pmnts, 2 Month Prior. To transform them into securities it could sell to investors, it divided them into tranches – which is French for “slices,” in case you’re interested. Check out one of these jewels on a Bloomberg machine, and gsqmp price chart looks like something falling off a cliff.
Next Pass Through Truat.
Realized Loss Detail Report. In any event, it’s impossible for investors to conduct an independent analysis of the borrowers’ credit quality even if they choose to invest the time, money, and effort to do so.
The first is to do what we did: Read the page prospectus, related documents, and other public records with a jaundiced eye and try to see how things can go wrong. Second, when you rely on the underwriter and the rating agencies to do all your homework for you, you don’t have safety. One unrated X tranche coming right up. Like most of this article, this information is based on our reading of various public filings; UBS and Morgan Keegan both declined to comment. Weighted Average Min Rate Original.
How does toxic waste get distilled into spring water? Average Loss Severity Approximation over period between nth month and mth month: