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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Average Loss Severity Approximation over period between nth month and mth month: Then, if X were wiped out, the losses would work their way up the food chain tranche by tranche: Mortgages have maturities that are unpredictable, and they require all that messy maintenance like collecting the monthly payments, making sure real estate taxes are paid, chasing slow-pay and no-pay borrowers, and sending out annual statements of interest and taxes paid.
Weighted Average Seasoning Prior. As we interpret this – the firm declined to elaborate – Goldman made more on its hedges than it lost on its inventory because junk mortgages fell even more sharply than Goldman thought they would.
Goldman Sachs’ House of Junk
Current Scheduled Payments 3 Month Prior. House prices began stagnating or falling in many markets. Dates correspond to distribution dates.
We say “about” because some of the tranches are floating-rate rather than fixed-rate. One unrated X tranche coming right up.
GSAMP Trust 2006-S3
Of course, Goldman knew a lot about this market: Investors who paid face value for these securities – they were looking for slightly more interest than they’d get on equivalent bonds – have suffered heavy losses. Total Number of Loans Prepaid in Full. Finally, Goldman sold two non-investment-grade tranches. A version of this article was originally published in the October 29, issue of Fortune. Even Goldman may have lost money on GSAMP – but being Goldman, the firm has more than covered its losses by betting successfully that the price of junk mortgages would drop.
Next Pass Through Rate. As a second-mortgage holder, GSAMP couldn’t foreclose on deadbeats unless the first-mortgage holder also foreclosed. Customers are happy, because they get only the pieces they want.
So if a borrower decided to keep on paying the first mortgage but not the second, the holder of the second would get bagged. Will Mmmhops be a hit? Check out one of these jewels on a Bloomberg machine, and the price chart looks like something falling off a cliff. Interest rates on mortgages stopped falling. Or, as he calls them, “non-prime. Second, when you rely on the underwriter and the rating agencies to do all your homework for you, you don’t have safety.
Weighted Average Coupon Original. Mortgages have maturities that are unpredictable, and they require all that messy maintenance like collecting the monthly payments, making sure real estate taxes are paid, trudt slow-pay and no-pay borrowers, and sending out annual statements of interest and taxes paid.
Weighted Average Seasoning Original. These loans, which are fixed-rate, carried an average interest rate of The butcher – excuse us, the investment banker – gives customers what they want.
Current Scheduled Payments 4 Month Prior. Realized Loss Detail Report. Loss Severity Approximation for current period: By Allan SloanFortune senior editor-at-large. It was go-go 200-s3, very 21st century. Like most of this article, this information is based on our reading of various public filings; UBS and Morgan Keegan both declined to comment.
Pmnts, 6 Month Prior. Goldman’s profits came from hedging the mortgage securities it keeps in inventory in order to make trading markets.
GSAMP Trust S3 Credit Rating – Moody’s
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. SoftBank and Toyota want driverless cars 200-s3 change the world.
Less than 18 months after the issue was floated, a sixth of the borrowers had already defaulted on their loans. So if a borrower decided to keep on paying the first mortgage but not the second, the holder of the second would get bagged.
Junk mortgages under the microscope – Oct. 16,
It’s all in the math – and the assumptions about how borrowers will behave. If house prices rose, you’d have a profit. Current Scheduled Payments 5 Month Prior. Gwamp unrated X tranche coming right up.