svgleeson

numi Wrote:
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> BAC also announced a settlement on legacy
> Countrywide mortgage claims for $8.5 billion. The
> settlement looks like it includes all of
> Countrywide's first-lien MBS loans which were
> probably the lowest quality among the non-agency
> mortage loans BAC had on its books. The settlement
> covers over $200 billion in principal of the
> non-agency MBS that were originated between 2004
> and 2008. Basically, investors were actually more
> concerned with what the potential mortgage
> warranty expense would have looked like as well as
> private label put-backs -- and this settlement,
> while costly, helps alleviate the two
> aforementioned issues which were among the
> greatest risk factors for investors.
>
> (Disclaimer: I don't cover financials but this was
> my read-through based on some docs that I read as
> well as what I've heard on the trading desk)


This.

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ChickenTikka Wrote:
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> Being Born Wealthy > Being Jewish or WASPY > Born
> Pretty > Top 5 MBA > CFA > Avg MBA > Born middle
> class > Born lower class > Born in crack house >
> Born middleclass in Asia and working in IT but
> looking to switch to buyside