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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It’s got speculators searching for quick gains in hot housing markets; it’s got loans that seem to have been made with little or no serious analysis by lenders; and finally, it’s got Wall Street, which churned out mortgage “product” because buyers wanted it. Pmnts, 4 Month Prior.
Junk mortgages under the microscope
Goldman said it made money in the third quarter by shorting an index of mortgage-backed securities. Basis Risk CarryFwd Unpaid. You can see why borrowers lined up for the loans, even though they carried high interest rates. First, you have to tryst at least some attention to all those “risk factors” that issuers forever warn you about – especially when you’re dealing with a whole new thing like junk mortgages issued en masse instead of by specialists.
B-2, B-1, M-7, and so on. Of course, Goldman knew a lot about this market: There are two options. Current Scheduled Payments 9 Month Prior.
Current Scheduled Payments 8 Month Prior. So if a borrower decided to keep on paying the first mortgage but not the second, the holder of the second would get bagged.
We say “about” because some of the tranches are floating-rate rather than fixed-rate. Pmnts, 1 Month Prior. It gets first dibs on principal paydowns from regular monthly payments, refinancings, and borrowers paying off their loans because they’re selling their homes. Will Mmmhops be a hit? House prices began stagnating or falling in many markets.
You can see why borrowers lined up for the loans, even though they carried high interest rates. One unrated X tranche coming right up.
Less than 18 months after the issue was floated, a sixth of the borrowers had already defaulted on their loans. If house prices rose, you’d have a profit. Pmnts, 2 Month Prior. That spread was supposed to provide a cushion to offset defaults by borrowers.
Junk mortgages under the microscope – Oct. 16,
Goldman said it made money in the third quarter by shorting an index of mortgage-backed securities. Weighted Average Months to Maturity Original.
Loss Severity Approximation for Current Period. The first is to do what we did: These loans, which are fixed-rate, carried an average interest rate of Check out one of these jewels on a Bloomberg machine, and the price chart looks like something falling off a cliff. You have only the illusion of safety. By Allan Sloan April 12, Pmnts, 10 Month Prior.
Current Scheduled Payments 7 Month Prior. It was go-go finance, very 21st century. Securities are simpler to deal with and can be customized.
Two small lessons from the market turmoil. Then, after A-1 is paid in full, it’s the turn of A-2 and A-3, and so on down the line. Reporter Associate Doris Burke contributed to this article. Then, if X were wiped out, the losses would work their way up the food chain tranche by tranche: Interested in legs, thighs, giblets, the heart? Then, if X were wiped out, the losses would work their way up the food chain tranche by tranche: Weighted Average Min Rate Current.