n*n
2 楼
【 以下文字转载自 Stock 讨论区 】
发信人: newgumin (新股民), 信区: Stock
标 题: 关于CDS的一篇文章
发信站: BBS 未名空间站 (Fri Jun 12 02:05:45 2009, 美东)
How to lose on a sure-fire bet
http://www.econbrowser.com/archives/2009/06/how_to_lose_on.html
大意是说，一个实战案例中，CDS的总价值超过了债券本身，卖CDS的小公司赚了一笔，
买CDS的大公司们反而赔了。
不过没太看懂为啥卖CDS的得利。谁给说说？
发信人: newgumin (新股民), 信区: Stock
标 题: 关于CDS的一篇文章
发信站: BBS 未名空间站 (Fri Jun 12 02:05:45 2009, 美东)
How to lose on a sure-fire bet
http://www.econbrowser.com/archives/2009/06/how_to_lose_on.html
大意是说，一个实战案例中，CDS的总价值超过了债券本身，卖CDS的小公司赚了一笔，
买CDS的大公司们反而赔了。
不过没太看懂为啥卖CDS的得利。谁给说说？
p*l
3 楼
Symptom - Pain and numbness in the neck, shouders, arm, and back.
Report by MRI - left central disc extrusion; cord deformity; flattening of
ventral.
Treatement - None because doctor's appointment is 1.5 months aways from when
the pain starts.
Please advise. Questions:
1. What to do in the mean time while awaiting for treatement?
2. What to expect to do when seeing doctor in a few more weeks?
Please help. Your advise is much appreciated. Thank you very much.
Health is precious! Hope everyone is
Report by MRI - left central disc extrusion; cord deformity; flattening of
ventral.
Treatement - None because doctor's appointment is 1.5 months aways from when
the pain starts.
Please advise. Questions:
1. What to do in the mean time while awaiting for treatement?
2. What to expect to do when seeing doctor in a few more weeks?
Please help. Your advise is much appreciated. Thank you very much.
Health is precious! Hope everyone is
x*g
4 楼
有关国内往美国汇款有否需报税问题
有绿卡每年报税，近期想付购买房屋款《头期》10万左右。从国内电汇过来，年底需报
税吗？ 据听讲国内用别人名汇《如甲汇乙》最多一年3万在美收款人不用报税，不知
那位知道，请告诉。汇10万分几位收款人能更合适，请帮助指教。
谢谢！
有绿卡每年报税，近期想付购买房屋款《头期》10万左右。从国内电汇过来，年底需报
税吗？ 据听讲国内用别人名汇《如甲汇乙》最多一年3万在美收款人不用报税，不知
那位知道，请告诉。汇10万分几位收款人能更合适，请帮助指教。
谢谢！
S*t
5 楼
OC有山么, 有山, Brokeback mountain, OOPS,口误了，是Saddleback mountain,又叫马鞍山。
山里有座山峰，叫Santiago peak,是OC最高峰，5687ft，这就是上周俄们一行登的山。
这山就在俄家门口，俄也登过了，也写过游记，但是还是想办法再码点字吧，争取不要
老生常谈。
介次爬山主要是为了春末夏初对穿大峡谷做准备，有些牛人不用准备，高山深谷若闲庭
信步，对于大多老百姓来说，就必须认真锻炼。
俄们又背了不少东东，还有秘密装备，作为负重训练。
8点在Cook's Corner集合，按惯例很多迟到了，好在8点是俄打了余量的，这里表扬SD
远途来的筒子正点到达，BS组织者某ID连个帖子都不写清楚，弄地很多人以为是8点半。
Cook's Corner算是OC一道风景，很多摩托骑士，自行车骑手在这里聚会休闲，年初的火灾差几
百尺就把这里给端了，是消防员投入重兵才保下来的，这里也再次感谢他们。
闲话少说,人到齐了就上路,两车长程登顶的,一车短程到HOLYJIM FALL的,说起来短程的
虽短却是OC顶级的TRAIL适合全家出游.
到TRAILH
山里有座山峰，叫Santiago peak,是OC最高峰，5687ft，这就是上周俄们一行登的山。
这山就在俄家门口，俄也登过了，也写过游记，但是还是想办法再码点字吧，争取不要
老生常谈。
介次爬山主要是为了春末夏初对穿大峡谷做准备，有些牛人不用准备，高山深谷若闲庭
信步，对于大多老百姓来说，就必须认真锻炼。
俄们又背了不少东东，还有秘密装备，作为负重训练。
8点在Cook's Corner集合，按惯例很多迟到了，好在8点是俄打了余量的，这里表扬SD
远途来的筒子正点到达，BS组织者某ID连个帖子都不写清楚，弄地很多人以为是8点半。
Cook's Corner算是OC一道风景，很多摩托骑士，自行车骑手在这里聚会休闲，年初的火灾差几
百尺就把这里给端了，是消防员投入重兵才保下来的，这里也再次感谢他们。
闲话少说,人到齐了就上路,两车长程登顶的,一车短程到HOLYJIM FALL的,说起来短程的
虽短却是OC顶级的TRAIL适合全家出游.
到TRAILH
G*i
6 楼
如题
谢谢
谢谢
s*3
7 楼
我过了...煎熬了漫长的等待时间。。。终于全完成了...
祝愿大家都好运!
祝愿大家都好运!
S*E
8 楼
预算？
S*C
9 楼
The junk bond worth say 1M, the premium of CDS against its default, say,
cost 2M in this case. Then CDS seller can pocket 1M if it keeps the junk
bond out of default.
【在 n******n 的大作中提到】
: 【 以下文字转载自 Stock 讨论区 】
: 发信人: newgumin (新股民), 信区: Stock
: 标 题: 关于CDS的一篇文章
: 发信站: BBS 未名空间站 (Fri Jun 12 02:05:45 2009, 美东)
: How to lose on a sure-fire bet
: http://www.econbrowser.com/archives/2009/06/how_to_lose_on.html
: 大意是说，一个实战案例中，CDS的总价值超过了债券本身，卖CDS的小公司赚了一笔，
: 买CDS的大公司们反而赔了。
: 不过没太看懂为啥卖CDS的得利。谁给说说？
cost 2M in this case. Then CDS seller can pocket 1M if it keeps the junk
bond out of default.
【在 n******n 的大作中提到】
: 【 以下文字转载自 Stock 讨论区 】
: 发信人: newgumin (新股民), 信区: Stock
: 标 题: 关于CDS的一篇文章
: 发信站: BBS 未名空间站 (Fri Jun 12 02:05:45 2009, 美东)
: How to lose on a sure-fire bet
: http://www.econbrowser.com/archives/2009/06/how_to_lose_on.html
: 大意是说，一个实战案例中，CDS的总价值超过了债券本身，卖CDS的小公司赚了一笔，
: 买CDS的大公司们反而赔了。
: 不过没太看懂为啥卖CDS的得利。谁给说说？
u*e
10 楼
please go to see a good chiropractor, do not see doctor!
advice based on my own experience!
when
【在 p*********l 的大作中提到】
: Symptom - Pain and numbness in the neck, shouders, arm, and back.
: Report by MRI - left central disc extrusion; cord deformity; flattening of
: ventral.
: Treatement - None because doctor's appointment is 1.5 months aways from when
: the pain starts.
: Please advise. Questions:
: 1. What to do in the mean time while awaiting for treatement?
: 2. What to expect to do when seeing doctor in a few more weeks?
: Please help. Your advise is much appreciated. Thank you very much.
: Health is precious! Hope everyone is
advice based on my own experience!
when
【在 p*********l 的大作中提到】
: Symptom - Pain and numbness in the neck, shouders, arm, and back.
: Report by MRI - left central disc extrusion; cord deformity; flattening of
: ventral.
: Treatement - None because doctor's appointment is 1.5 months aways from when
: the pain starts.
: Please advise. Questions:
: 1. What to do in the mean time while awaiting for treatement?
: 2. What to expect to do when seeing doctor in a few more weeks?
: Please help. Your advise is much appreciated. Thank you very much.
: Health is precious! Hope everyone is
s*d
11 楼
Cong!
【在 s*******3 的大作中提到】
: 我过了...煎熬了漫长的等待时间。。。终于全完成了...
: 祝愿大家都好运!
【在 s*******3 的大作中提到】
: 我过了...煎熬了漫长的等待时间。。。终于全完成了...
: 祝愿大家都好运!
y*o
12 楼
500左右够了嘛？以前都是买htib的，不清楚607这个配什么样的speaker比较好。
【在 S*******E 的大作中提到】
: 预算？
【在 S*******E 的大作中提到】
: 预算？
n*n
13 楼
买保险的人是傻瓜吗？债券面值1M，却要交2M的保险？
【在 S**C 的大作中提到】
: The junk bond worth say 1M, the premium of CDS against its default, say,
: cost 2M in this case. Then CDS seller can pocket 1M if it keeps the junk
: bond out of default.
【在 S**C 的大作中提到】
: The junk bond worth say 1M, the premium of CDS against its default, say,
: cost 2M in this case. Then CDS seller can pocket 1M if it keeps the junk
: bond out of default.
p*l
14 楼
My appointment is to see a spinal surgeon in hospital. Why is chiropractor
is better? because chiropractor offers physical treatment rather than advice
by surgeon? Thank you. I will check with a chiropractor too.
is better? because chiropractor offers physical treatment rather than advice
by surgeon? Thank you. I will check with a chiropractor too.
l*t
15 楼
congrats, still waiting here....
S*E
16 楼
你在这找找，发糕有个5.0音箱deal的帖子，好像$150，然后你再找个polk的deal，买
两个音箱，这里还有个帖子说$200低音炮的，捏着鼻子买一个，基本上7.1就齐活了。
连上你的607，可以享受你的次世代片子了。
对，你还得买个bdplayer，现在都促销，便宜
你要是还有心追求，或者说还有预算，搞个投影最好，大画面的魅力是五十几寸的小电
视比不了的
两个音箱，这里还有个帖子说$200低音炮的，捏着鼻子买一个，基本上7.1就齐活了。
连上你的607，可以享受你的次世代片子了。
对，你还得买个bdplayer，现在都促销，便宜
你要是还有心追求，或者说还有预算，搞个投影最好，大画面的魅力是五十几寸的小电
视比不了的
t*s
17 楼
it seems it's you who are dumb. there can be many CDS contracts
on 1 bond, purchased by many ppl, collectively paied $2M premium.
the issuer uses $1M to keep the bond current and pocket the
remaining $1M.
【在 n******n 的大作中提到】
: 买保险的人是傻瓜吗？债券面值1M，却要交2M的保险？
on 1 bond, purchased by many ppl, collectively paied $2M premium.
the issuer uses $1M to keep the bond current and pocket the
remaining $1M.
【在 n******n 的大作中提到】
: 买保险的人是傻瓜吗？债券面值1M，却要交2M的保险？
f*7
18 楼
可以先试试非处方止痛药，一般walgreen, cvs都可以买的，Aleve之类，看能不能暂时
缓解症状，日常不受bother
具体再看医生吧，不要让按摩师校正脊椎啥的下重手，疼的时候做treatment会更疼
缓解症状，日常不受bother
具体再看医生吧，不要让按摩师校正脊椎啥的下重手，疼的时候做treatment会更疼
h*w
19 楼
Advisory scores 74, 是不是不过啊？ 呜呜~
很奇怪，我看score report, my performance 上的成绩都比passing candidates
performance 要高，不知道为什么就没过？
很奇怪，我看score report, my performance 上的成绩都比passing candidates
performance 要高，不知道为什么就没过？
j*u
20 楼
不归路啊。。
【在 S*******E 的大作中提到】
: 你在这找找，发糕有个5.0音箱deal的帖子，好像$150，然后你再找个polk的deal，买
: 两个音箱，这里还有个帖子说$200低音炮的，捏着鼻子买一个，基本上7.1就齐活了。
: 连上你的607，可以享受你的次世代片子了。
: 对，你还得买个bdplayer，现在都促销，便宜
: 你要是还有心追求，或者说还有预算，搞个投影最好，大画面的魅力是五十几寸的小电
: 视比不了的
【在 S*******E 的大作中提到】
: 你在这找找，发糕有个5.0音箱deal的帖子，好像$150，然后你再找个polk的deal，买
: 两个音箱，这里还有个帖子说$200低音炮的，捏着鼻子买一个，基本上7.1就齐活了。
: 连上你的607，可以享受你的次世代片子了。
: 对，你还得买个bdplayer，现在都促销，便宜
: 你要是还有心追求，或者说还有预算，搞个投影最好，大画面的魅力是五十几寸的小电
: 视比不了的
f*0
21 楼
the wsj article is a far better read. sounds like a bunch of dumbasses
didn't pay attention to the basis risks here (that the financial
delinquencies, on which the CDS was u/w, may not follow the actual
delinquency on the mortgage pool, on which the CDS buyers calculated their
bets).
In general, this strategy will work if you had unlimited liquidity so you
can buy out large pools of mortgages - a strategy fannie / freddie are
formed on.
【在 n******n 的大作中提到】
: 买保险的人是傻瓜吗？债券面值1M，却要交2M的保险？
s*g
22 楼
Comfort, maybe send a letter to ask if ALL your scores are higher than
passing candiates. There could be a buy in their exam system:D
【在 h*****w 的大作中提到】
: Advisory scores 74, 是不是不过啊？ 呜呜~
: 很奇怪，我看score report, my performance 上的成绩都比passing candidates
: performance 要高，不知道为什么就没过？
passing candiates. There could be a buy in their exam system:D
【在 h*****w 的大作中提到】
: Advisory scores 74, 是不是不过啊？ 呜呜~
: 很奇怪，我看score report, my performance 上的成绩都比passing candidates
: performance 要高，不知道为什么就没过？
y*o
23 楼
家里没地方放7.1，只能5.1.住town house也不方便用太好的低音炮。家里有ps3了。投
影还没预算
呢。。。
speaker指标怎么看？什么叫好speaker?是不是floor standing 那种$100多一只的比挂
墙上的要
好？
【在 S*******E 的大作中提到】
: 你在这找找，发糕有个5.0音箱deal的帖子，好像$150，然后你再找个polk的deal，买
: 两个音箱，这里还有个帖子说$200低音炮的，捏着鼻子买一个，基本上7.1就齐活了。
: 连上你的607，可以享受你的次世代片子了。
: 对，你还得买个bdplayer，现在都促销，便宜
: 你要是还有心追求，或者说还有预算，搞个投影最好，大画面的魅力是五十几寸的小电
: 视比不了的
影还没预算
呢。。。
speaker指标怎么看？什么叫好speaker?是不是floor standing 那种$100多一只的比挂
墙上的要
好？
【在 S*******E 的大作中提到】
: 你在这找找，发糕有个5.0音箱deal的帖子，好像$150，然后你再找个polk的deal，买
: 两个音箱，这里还有个帖子说$200低音炮的，捏着鼻子买一个，基本上7.1就齐活了。
: 连上你的607，可以享受你的次世代片子了。
: 对，你还得买个bdplayer，现在都促销，便宜
: 你要是还有心追求，或者说还有预算，搞个投影最好，大画面的魅力是五十几寸的小电
: 视比不了的
n*n
24 楼
Dumb would say "there can be many CDS contracts on 1 bond, purchased by many ppl, collectively paied $2M premium", while fail to explain how can, which is indeed the original question. Dumb should improve his reading. :)
【在 t***s 的大作中提到】
: it seems it's you who are dumb. there can be many CDS contracts
: on 1 bond, purchased by many ppl, collectively paied $2M premium.
: the issuer uses $1M to keep the bond current and pocket the
: remaining $1M.
【在 t***s 的大作中提到】
: it seems it's you who are dumb. there can be many CDS contracts
: on 1 bond, purchased by many ppl, collectively paied $2M premium.
: the issuer uses $1M to keep the bond current and pocket the
: remaining $1M.
b*u
25 楼
CONG........MM 在那里查到的呀。。。。。。。。
【在 s*******3 的大作中提到】
: 我过了...煎熬了漫长的等待时间。。。终于全完成了...
: 祝愿大家都好运!
【在 s*******3 的大作中提到】
: 我过了...煎熬了漫长的等待时间。。。终于全完成了...
: 祝愿大家都好运!
y*o
26 楼
刚看到deal跳了套Paradigm Cinema 90 CT $399 可以么？不好的话我赶紧去退了。
http://slickdeals.net/forums/showthread.php?t=1692523&highlight=amazon
http://slickdeals.net/forums/showthread.php?t=1692523&highlight=amazon
t*s
27 楼
how what? how the dumb can be so dumb? or how the dumb can become dumber?
many ppl, collectively paied $2M premium", while fail to explain how can,
which is indeed the original question. Dumb should improve his reading. :)
【在 n******n 的大作中提到】
: Dumb would say "there can be many CDS contracts on 1 bond, purchased by many ppl, collectively paied $2M premium", while fail to explain how can, which is indeed the original question. Dumb should improve his reading. :)
many ppl, collectively paied $2M premium", while fail to explain how can,
which is indeed the original question. Dumb should improve his reading. :)
【在 n******n 的大作中提到】
: Dumb would say "there can be many CDS contracts on 1 bond, purchased by many ppl, collectively paied $2M premium", while fail to explain how can, which is indeed the original question. Dumb should improve his reading. :)
C*U
28 楼
这么快就考完了？感觉你的ID还蛮新的。有空的时候请多介绍经验，提携学弟学妹。差
点忘记了，恭喜，恭喜！
【在 s*******3 的大作中提到】
: 我过了...煎熬了漫长的等待时间。。。终于全完成了...
: 祝愿大家都好运!
点忘记了，恭喜，恭喜！
【在 s*******3 的大作中提到】
: 我过了...煎熬了漫长的等待时间。。。终于全完成了...
: 祝愿大家都好运!
S*E
29 楼
paradigm算是大牌子了，不过这个型号我也没听过，不知道
从指标看什么叫好speaker，这功力我是没有，我以前也学着人家看参数看曲线，最后
发现这么找出来的好音箱跟我是不是觉得好听没有太大关系， 现在我对我看指标找好
音箱的水平已经不抱希望了
一般认为，你这个预算只能解决HT有没有的问题，这是第一步，然后一部分人就永远的
停留在第一步，另一部分人在各种原因比如听过好的HT之后，开始逐步解决好不好的问
题，大多本版常驻ID属于第二种人。
还有一种是预算比较宽裕，直接就研究好不好去了。
如果你觉得你是后两种人，可以从中档器材开始考虑，根据“漫漫器材发烧路”的描述
看，这样比较省钱/时间。
从指标看什么叫好speaker，这功力我是没有，我以前也学着人家看参数看曲线，最后
发现这么找出来的好音箱跟我是不是觉得好听没有太大关系， 现在我对我看指标找好
音箱的水平已经不抱希望了
一般认为，你这个预算只能解决HT有没有的问题，这是第一步，然后一部分人就永远的
停留在第一步，另一部分人在各种原因比如听过好的HT之后，开始逐步解决好不好的问
题，大多本版常驻ID属于第二种人。
还有一种是预算比较宽裕，直接就研究好不好去了。
如果你觉得你是后两种人，可以从中档器材开始考虑，根据“漫漫器材发烧路”的描述
看，这样比较省钱/时间。
p*e
30 楼
the CDS here is just a media for gambling, sort of speak. The purpose
is no longer hedge, but speculate.
As long as two companys have different evaluations on the default risk
there can be a CDS contract between the two. Owning the bond itself
is even not a requirement for the buyer.
【在 n******n 的大作中提到】
: 买保险的人是傻瓜吗？债券面值1M，却要交2M的保险？
is no longer hedge, but speculate.
As long as two companys have different evaluations on the default risk
there can be a CDS contract between the two. Owning the bond itself
is even not a requirement for the buyer.
【在 n******n 的大作中提到】
: 买保险的人是傻瓜吗？债券面值1M，却要交2M的保险？
h*w
31 楼
I think my failure is probably because the writing, which is marked as weak.
Even All the sections in content are marked at least as comparable, but
most of the scores just 2 or 3 points higher than the average passing score.
Then I think it is the writing section that draw me out of the line.
ok, need to work on it again~ Anyway, thanks for your suggestion~ :)
【在 s*****g 的大作中提到】
: Comfort, maybe send a letter to ask if ALL your scores are higher than
: passing candiates. There could be a buy in their exam system:D
Even All the sections in content are marked at least as comparable, but
most of the scores just 2 or 3 points higher than the average passing score.
Then I think it is the writing section that draw me out of the line.
ok, need to work on it again~ Anyway, thanks for your suggestion~ :)
【在 s*****g 的大作中提到】
: Comfort, maybe send a letter to ask if ALL your scores are higher than
: passing candiates. There could be a buy in their exam system:D
p*e
32 楼
Thanks for sharing.
so it's like you bet with Jack "Anthoney the poor has 100usd in his pocket"
for 200usd, and you pay Anthoney at most 100usd to secure an 100usd or more
in gain?
【在 f*****0 的大作中提到】
:
: the wsj article is a far better read. sounds like a bunch of dumbasses
: didn't pay attention to the basis risks here (that the financial
: delinquencies, on which the CDS was u/w, may not follow the actual
: delinquency on the mortgage pool, on which the CDS buyers calculated their
: bets).
: In general, this strategy will work if you had unlimited liquidity so you
: can buy out large pools of mortgages - a strategy fannie / freddie are
: formed on.
so it's like you bet with Jack "Anthoney the poor has 100usd in his pocket"
for 200usd, and you pay Anthoney at most 100usd to secure an 100usd or more
in gain?
【在 f*****0 的大作中提到】
:
: the wsj article is a far better read. sounds like a bunch of dumbasses
: didn't pay attention to the basis risks here (that the financial
: delinquencies, on which the CDS was u/w, may not follow the actual
: delinquency on the mortgage pool, on which the CDS buyers calculated their
: bets).
: In general, this strategy will work if you had unlimited liquidity so you
: can buy out large pools of mortgages - a strategy fannie / freddie are
: formed on.
i*l
33 楼
跟max pain 原理一致， 只要控盘就可以玩别人， 而且，open interest 是暗的，只
有有大仓位的人知道个大概，一般小户不知道。
【在 n******n 的大作中提到】
: 买保险的人是傻瓜吗？债券面值1M，却要交2M的保险？
有有大仓位的人知道个大概，一般小户不知道。
【在 n******n 的大作中提到】
: 买保险的人是傻瓜吗？债券面值1M，却要交2M的保险？
t*s
34 楼
this is the key. that's why it's important to have an open market for
this kind of things.
【在 i******l 的大作中提到】
: 跟max pain 原理一致， 只要控盘就可以玩别人， 而且，open interest 是暗的，只
: 有有大仓位的人知道个大概，一般小户不知道。
t*s
35 楼
and the dumbasses are crying foul. what a joke.
【在 f*****0 的大作中提到】
:
: the wsj article is a far better read. sounds like a bunch of dumbasses
: didn't pay attention to the basis risks here (that the financial
: delinquencies, on which the CDS was u/w, may not follow the actual
: delinquency on the mortgage pool, on which the CDS buyers calculated their
: bets).
: In general, this strategy will work if you had unlimited liquidity so you
: can buy out large pools of mortgages - a strategy fannie / freddie are
: formed on.
【在 f*****0 的大作中提到】
:
: the wsj article is a far better read. sounds like a bunch of dumbasses
: didn't pay attention to the basis risks here (that the financial
: delinquencies, on which the CDS was u/w, may not follow the actual
: delinquency on the mortgage pool, on which the CDS buyers calculated their
: bets).
: In general, this strategy will work if you had unlimited liquidity so you
: can buy out large pools of mortgages - a strategy fannie / freddie are
: formed on.
n*n
36 楼
Yeah, you should think about those questions yourself. But I doubt you can
figure out.
【在 t***s 的大作中提到】
: how what? how the dumb can be so dumb? or how the dumb can become dumber?
:
: many ppl, collectively paied $2M premium", while fail to explain how can,
: which is indeed the original question. Dumb should improve his reading. :)
figure out.
【在 t***s 的大作中提到】
: how what? how the dumb can be so dumb? or how the dumb can become dumber?
:
: many ppl, collectively paied $2M premium", while fail to explain how can,
: which is indeed the original question. Dumb should improve his reading. :)
f*0
37 楼
pocket"
more
yes. most of the bets are on large pools of assets - in hundreds of
millions of dollars and involving hundreds of mortgages, which is
practically impossible for a typical bank to corner (aka buying out,
from a monetary or operational point of view). and those who bought the
CDS may have also used the pool and the CDS associated with it as a
reference in hedging their investments somewhere else.
Because this is such a depressed mkt for subprime mortgage securities,
people thought th
【在 p*********e 的大作中提到】
: Thanks for sharing.
: so it's like you bet with Jack "Anthoney the poor has 100usd in his pocket"
: for 200usd, and you pay Anthoney at most 100usd to secure an 100usd or more
: in gain?
n*n
38 楼
Very nice post.
【在 f*****0 的大作中提到】
:
: pocket"
: more
: yes. most of the bets are on large pools of assets - in hundreds of
: millions of dollars and involving hundreds of mortgages, which is
: practically impossible for a typical bank to corner (aka buying out,
: from a monetary or operational point of view). and those who bought the
: CDS may have also used the pool and the CDS associated with it as a
: reference in hedging their investments somewhere else.
: Because this is such a depressed mkt for subprime mortgage securities,
【在 f*****0 的大作中提到】
:
: pocket"
: more
: yes. most of the bets are on large pools of assets - in hundreds of
: millions of dollars and involving hundreds of mortgages, which is
: practically impossible for a typical bank to corner (aka buying out,
: from a monetary or operational point of view). and those who bought the
: CDS may have also used the pool and the CDS associated with it as a
: reference in hedging their investments somewhere else.
: Because this is such a depressed mkt for subprime mortgage securities,
z*a
39 楼
The loan servicer on the actual mortgages has the option for a cleanup call
when the mortgages remaining in the pool fall below 10% of the original
pool. In this case, the CDS seller somehow got the loan servicer to
exercise the cleanup call option and pay off the bonds. There's nothing the
mortgage borrowers and bond holders could have done to prevent the loan
servicer from exercising this option.
The risk for the CDS seller is in getting the loan servicer to exercise the
cleanup call option
【在 f*****0 的大作中提到】
:
: pocket"
: more
: yes. most of the bets are on large pools of assets - in hundreds of
: millions of dollars and involving hundreds of mortgages, which is
: practically impossible for a typical bank to corner (aka buying out,
: from a monetary or operational point of view). and those who bought the
: CDS may have also used the pool and the CDS associated with it as a
: reference in hedging their investments somewhere else.
: Because this is such a depressed mkt for subprime mortgage securities,
when the mortgages remaining in the pool fall below 10% of the original
pool. In this case, the CDS seller somehow got the loan servicer to
exercise the cleanup call option and pay off the bonds. There's nothing the
mortgage borrowers and bond holders could have done to prevent the loan
servicer from exercising this option.
The risk for the CDS seller is in getting the loan servicer to exercise the
cleanup call option
【在 f*****0 的大作中提到】
:
: pocket"
: more
: yes. most of the bets are on large pools of assets - in hundreds of
: millions of dollars and involving hundreds of mortgages, which is
: practically impossible for a typical bank to corner (aka buying out,
: from a monetary or operational point of view). and those who bought the
: CDS may have also used the pool and the CDS associated with it as a
: reference in hedging their investments somewhere else.
: Because this is such a depressed mkt for subprime mortgage securities,
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