There is going to be a huge financial story next week
On page B7 of today’s WSJ there is a public notice of upcoming auction. Sorry for no link, but I cannot figure out how to get their website to display print ads.
There are two HUGE lists of RMBS pools that are going to be sold at auction next week.
The current par shows huge losses in value for many of them, but more significant will be what the actual sale prices turn out to be.
This may allow us a model to reset the value of loans.
If the pools sell for 10 cents on the dollar of the original face value, should not homeowner’s be forgiven principal amounts in the same proportions?
Some of these show current par at only 20-25% of original face value.
There is going to be a HUGE financial story next week.
We are finally going to have an idea of the actual loss numbers.
I am so nervous.