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And now for something completely different!
Old 03-10-2009, 08:03 PM   #1
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And now for something completely different!

Tired of stocks? Looking for 10% return or better? Stack of money burning a hole in your pocket? Got this in the mail today:

"Tranzon Auction Resolutions and Cushman & Wakefield have been retained to act as the financial advisor and broker in the sale of an approximate $3.5 million performing and nonperforming mortgage loan portfolio.

The portfolio comprises approximately 135 loans secured by real property located throughout the Houston, Texas Metropolitan area. The loans are predominantly fifteen and twenty year self-amortizing loans secured by residential real property. The weighted average interest rate for the entire portfolio is 11.12% and the weighted average remaining term is 98 months.

It is currently contemplated that there will be two pools. Bidders may bid on individual pools or the entire portfolio.

These figures will be updated to reflect current values as of January 31, 2009".


Feel free to have at it - i won't be bidding, as board members have scared me off from Texas. and i prefer a 60 month or shorter term. and i'm busy selling a rental house. Oh, and i don't have that kind of moola.
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Old 03-10-2009, 09:15 PM   #2
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I think Janus High Yield Corp Bonds are paying over 10%
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Old 03-10-2009, 10:31 PM   #3
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Man, I'm glad they're self-amortizing.

Those mortgage loans that you have to manually amortize yourself are a real pain in the rear.

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Old 03-11-2009, 02:10 AM   #4
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135 loans secured by property, average loan $26,000, 11% interest. How bad can they be? That's TheFed steelbelt repo price for sunny Houston Tejas units. Step up high steppers! Where's that CFB? - seems like just his cup of meat. Or maybe Honobob? No one dreaming of Simon Legree-dom?
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Old 03-11-2009, 10:15 AM   #5
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It would be interesting to track this ... was at an REDC auction Saturday. ~200 homes sold for ~50 cents on the dollar (vice foreclosed/appraised value). Several (inner city) went for 30 cents on the dollar. Not ALL junk, lots of mcMansions and cape cod summer homes too. Interesting stuff.

So what do you peg the value of the notes? My guess 20-30 cents on the dollar. Need to figure if you need to unload the asset; 50 cents on the dollar is the MOST you'll recoop.
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Old 03-11-2009, 10:22 AM   #6
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This is where big money is going to be made in the next few years.
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Old 03-11-2009, 03:34 PM   #7
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As long as we're talking completely different, here's Apple fanboy Cringely talking up his mortgage business with a proposal for a "Not So Bad Bank":
I, Cringely Blog Archive The Not So Bad Bank - Cringely on technology
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Old 03-11-2009, 04:59 PM   #8
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Interesting he pegs the debt value at 15-20 cents on the dollar. So $3.5m worth can be had for ~$525k.

Very reasonable idea (NSBB) ... not sure the underwater homeowner can get a loan for 70% of what's owed. But then again several of these things just need to be foreclosed; can't save everybody.
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Old 03-11-2009, 09:15 PM   #9
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Quote:
Originally Posted by tryan View Post
Interesting he pegs the debt value at 15-20 cents on the dollar. So $3.5m worth can be had for ~$525k.

Very reasonable idea (NSBB) ... not sure the underwater homeowner can get a loan for 70% of what's owed. But then again several of these things just need to be foreclosed; can't save everybody.
Keep in mind that Cringely has just started up a company that, for a subscription fee, will help its customers find the best rates on mortgage refis.

He's also the deathwatch guy stalking Steve Jobs' computer logins.
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