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And now for something completely different!
03-10-2009, 08:03 PM
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#1
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,170
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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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03-10-2009, 09:15 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2003
Posts: 5,105
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I think Janus High Yield Corp Bonds are paying over 10%
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
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03-10-2009, 10:31 PM
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#3
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,612
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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.
2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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03-11-2009, 02:10 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,170
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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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03-11-2009, 10:15 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,588
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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.
__________________
FIRE'd since 2005
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03-11-2009, 10:22 AM
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#6
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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This is where big money is going to be made in the next few years.
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No more lawyer stuff, no more political stuff, so no more CYA
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03-11-2009, 03:34 PM
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#7
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,853
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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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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
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03-11-2009, 04:59 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,588
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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.
__________________
FIRE'd since 2005
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03-11-2009, 09:15 PM
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#9
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,853
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 Quote:
Originally Posted by tryan
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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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.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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