Whole Loan vs. MBS

skillionaire Wrote: > > From someone who deals in bonds for a living, this > is patently false. FN, FH, and GN are called > “agencies” in “trader-speak” (as Joey alluded to); > anything else (such as CWL, JPMAC, etc.) is simply > called MBS, or, to be more specific in the case of > mortgages, RMBS (the “R” standing for > “residential”, not to be confused with “CMBS” - > “commercial”). And I’d have to correct your post and let you know that you are full of shit. I sell MBS every day as an institution fixed income salesman and if you call a bank in this country and tell them you’re sending them an MBS they will be expecting FN, FH, or GN…period. It is a much different decision for them if they’re looking at a whole loan…ie private label deal with low doc loans, high LTVs, or loans that exceed the agency caps. I’ve been selling for over 10 years and worked at several firms…this is the standard used everywhere I’ve been. Hell most banks under $5 Billion in assets won’t even buy a whole loan nowadays. Too much to worry about. While in your “trader” world you may know the lingo, in the world of actually selling to institutions (banks in my case) and not just trading shit between desks my post is 100% correct. I can cite my outbox as well and tell you that most of what I sell are MBS and I don’t have to specify that they are Agency MBS…it’s assumed from the title “MBS” If I show a whole loan it damned well better be described that way so as to avoid being thought of as misrepresenting a bond. This is why the world has salesmen like me…to keep dipshit desk traders like you from pissing off the firms customers…where the money is made.

skillionaire Wrote: ------------------------------------------------------- > > Even US MBS are not backed by the full faith of > the US Government, so I’d keep on reading if I was > you. You trade MBS for a living and don’t know that GN is full faith and credit? WTF?

I guess we’ll let the readers decide who knows what they’re talking about and who’s full of it. I’m not going to argue with some anonymous peon on a message board. If you’re going to twist a pithy remark that I made regarding someone confusing UK and US MBS into proof that I’m simply an impostor posing as someone who knows what they’re talking about, feel free. As I said above, I’m not going to argue with you, but I will give you my unsolicited opinion that you’re full of hot air and no what of what you speak. Anyone else who works in this market who chimes in will agree with me, methinks. However, good day to you and I hope that you call me trying to get me to buy some of those “whole loans” that you’re selling; that’s how I’ll know it’s you.

And while I’m busy actually selling bonds you can go read up on full faith and credit. Good day.

I appreciate all of your help, Greenspan and Skillionaire. When I was a kid, there was one time that I wanted Ice Cream, then blah blah, my parents started fighting. It made me feel that it was my fault.

Lol, not your fault my good man/woman. It was simply two adults having a disagreement; it doesn’t meant that we love you any less.

mni - but you know that I love you more…and I’ll buy you expensive things when it’s my weekend for visitation.