Have we all started to wrap our arms around the fact that our entire financial system is an over-inflated bubble of hot air?
Do we all understand that a huge portion of our nation’s wealth is blown up, hot air, false, fraud, ponzi?
Do you understand the average leverage ratios of banks and investment institutions?
Do you understand that your hundred dollars sitting in your bank account is not there…that it has been gambled away, put on the gigantic roulette wheel that is finance.
Keep that in mind as you read the attached very interesting analysis from my friends, Lisa Epstein and Lynn Szymoniak.
MORTGAGE-BACKED TRUSTS ““ RUNNING ON EMPTY?
By Lisa Epstein and Lynn E. Szymoniak, Esq.
December 6, 2011
What is left in residential mortgage-backed trusts? Investors,
everyone with a pension invested in mortgage-backed trusts, residents
of cities and counties invested in mortgage-backed trusts and economy
watchers in general are asking the question: what is left in the
mortgage-backed trusts after four foreclosure-packed years?
The chart below provides some basic information on three very
popular series of trusts: American Home Mortgage Assets Trusts,
American Home Mortgage Investment Trusts and Soundview Home
Loan ” OPT” Trusts. These trusts were created from 2004 to 2007.
The combined collateral value of the loans in these trusts at inception
was over $61 Billion: $61,441,128,225.
There were 228,203 loans in these 37 trusts at inception. As of
November, 2011, there were 51,798 (22.7%) performing loans in
these trusts.
Data from 37 of these trusts is reported below. Most of these trusts
have relatively few performing loans left to produce revenues,
particularly after payments are made to mortgage servicing companies
and law firms representing the trusts. Counterclaims are also
appearing more regularly in foreclosure cases.
Of the 37 trusts, 18 had 25% or less of performing loans remaining.
Of the 37 trusts, 8 had 26% – 30% of performing loans remaining.
Of the 37 trusts, 11 had 31% – 38% of performing loans remaining.
Of the 37 trusts, Soundview Home Loan Trust 2007-OPT5 had the
highest percentage of performing loans remaining in the trust: 38%.
American Home Mortgage Assets Trust 2005-2 had the lowest
percentage of performing loans remaining in the trust: 10.5%.
The data was taken from the investor reports for each trust.
2
AMERICAN HOME MORTGAGE ASSETS TRUSTS & TRUSTEES
AHM Assets Trust, 2005-1 (Deutsche)
Original # loans: 2,166
Original Collateral Value: $797,994,862
Loans Remaining: 323
Non-performing loans remaining: 81
Performing loans remaining: 242 ““ 11% of original
AHM Assets Trust, 2005-2 (Deutsche)
Original # loans: 1,467
Original Collateral Value: $563,424,121
Loans Remaining: 195
Non-performing loans remaining: 41
Performing loans remaining: 154 ““ 10.5% of original
AHM Assets Trust, 2006-1 (Deutsche)
Original # loans: 2,889
Original Collateral Value: $1,126,157,063
Loans Remaining: 1,037
Non-performing loans remaining: 345
Performing loans remaining: 692 ““ 24% of original
AHM Assets Trust, 2006-2 (Deutsche)
Original # loans: 3,022
Original Collateral Value: $1,206,537,988
Loans Remaining: 1,117
Non-performing: 359
Performing: 758 ““ 25% of original
AHM Assets Trust, 2006-3 (Citibank)
Original # loans: 4,376
Original Collateral Value: $1,690,839,857
Loans Remaining: 1,903
Non-performing: 684
Performing: 1,219 – 28% of original
AHM Assets Trust, 2006-4 (Citibank)
Original # loans: 3,966
Original Collateral Value: $1,514,539,849
Loans Remaining: 1,720
Non-performing: 293
Performing: 1,427 ““ 36% of original
3
AHM Assets Trust, 2006-5 (Deutsche)
Original # loans: 3,950
Original Collateral Value: $1,528,015,387
Loans Remaining: 1,728
Non-performing: 562
Performing: 1,166 ““ 30% of original
AHM Assets Trust, 2007-1 (Deutsche)
Original # loans: 3,831
Original Collateral Value: $1,505,808,822
Loans Remaining: 1,782
Non-performing: 612
Performing: 1,170 ““ 31% of original
AHM Assets Trust, 2007-2 (Deutsche)
Original # loans: 4,561
Original Collateral Value: $1,742,877,753
Loans Remaining: 2,192
Non-performing: 781
Performing: 1,411 ““ 31% of original
AHM Assets Trust, 2007-3 (Deutsche)
Original # loans: 6,291
Original Collateral Value: $1,225,384,098
Loans Remaining: 2,469
Non-performing: 940
Performing: 1,529 ““ 24% of original
AHM Assets Trust, 2007-4 (Deutsche)
Original # loans: 979
Original Collateral Value: $362,979,774
Loans Remaining: 522
Non-performing: 187
Performing: 335 ““ 34% of original
AHM Assets Trust, 2007-5 (Deutsche)
Original # loans: 2,212
Original Collateral Value: $776,597,903
Loans Remaining: 1,240
Non-performing: 416
Performing: 824 ““ 37% of original
4
AMERICAN HOME MORTG. INVESTMENT TRUSTS & TRUSTEES
AHM Investment Trust, 2004-1 (Wells Fargo)
Original # loans: 2,298
Original Collateral Value: $612,421,500
Loans Remaining: 198
Non-performing: 28
Performing: 170 ““ 14% of original
AHM Investment Trust, 2004-2 (Wells Fargo)
Original # loans: 5,123
Original Collateral Value: $1,394,859,289
Loans Remaining: 753
Non-performing: 108
Performing: 645 ““ 13% of original
AHM Investment Trust, 2004-3 (Citibank)
Original # loans: 3,966
Original Collateral Value: $2,337,611,000
Loans Remaining: 1,720
Non-performing: 592
Performing: 1,128 ““ 28% of original
AHM Investment Trust, 2005-1 (Deutsche)
Original # loans: 17,570
Original Collateral Value: $3,841,545,000
Loans Remaining: 4,306
Non-performing: 741
Performing: 3,565 ““ 20% of original
AHM Investment Trust, 2005-2 (Deutsche)
Original # loans: 25,934
Original Collateral Value: $5,778,151,000
Loans Remaining: 7,453
Non-performing: 1,319
Performing: 6,134 ““ 24% of original
AHM Investment Trust, 2005-3 (Deutsche)
Original # loans: 2,621
Original Collateral Value: $736,973,839
Loans Remaining: 863
Non-performing: 181
Performing: 682 ““ 26% of original
5
AHM Investment Trust, 2005-4 (U.S. Bank)
Original # loans: 10,708
Original Collateral Value: $2,648,516,000
Loans Remaining: 3,211
Non-performing: 735
Performing: 2,476 ““ 23% of original
AHM Investment Trust, 2006-1 (Deutsche)
Original # loans: 5,200
Original Collateral Value: $1,973,444,339
Loans Remaining: 1,766
Non-performing: 548
Performing: 1,218 ““ 23% of original
AHM Investment Trust, 2006-2 (Deutsche)
Original # loans: 6,589
Original Collateral Value: $965,174,822
Loans Remaining: 1,652
Non-performing: 323
Performing: 1,329 ““ 20% of original
AHM Investment Trust, 2006-3 (Deutsche)
Original # loans: 7,182
Original Collateral Value: $1,739,486,065
Loans Remaining: 2,800
Non-performing: 723
Performing: 2,077 ““ 29% of original
AHM Investment Trust, 2007-1 (Deutsche)
Original # loans: 5,336
Original Collateral Value: $3,727,138,479
Loans Remaining: 2,679
Non-performing: 1,008
Performing: 1,671 ““ 31% of original
AHM Investment Trust, 2007-2 (Deutsche)
Original # loans: 5,944
Original Collateral Value: $1,102,255,344
Loans Remaining: 2,281
Non-performing: 554
Performing: 1,727 ““ 20% of original
6
SOUNDVIEW HOME LOAN ” OPT” TRUSTS & TRUSTEES
Soundview Home Loan Trust, 2005-OPT1 (Deutsche)
Original # loans: 8,036
Original Collateral Value: $ 1,500,000,000
Loans Remaining: 1,329
Non-performing: 462
Performing: 867 ““ 17% of original
Soundview Home Loan Trust, 2005-OPT2 (Deutsche)
Original # loans: 5,535
Original Collateral Value: $1,035,488,782
Loans Remaining: 1,106
Non-performing: 381
Performing: 725 ““ 20% of original
Soundview Home Loan Trust, 2005-OPT3 (Deutsche)
Original # loans: 7,722
Original Collateral Value: $1,545,654,056
Loans Remaining: 2,078
Non-performing: 680
Performing: 1,398 ““ 27% of original
Soundview Home Loan Trust, 2005-OPT4 (Deutsche)
Original # loans: 8,095
Original Collateral Value: $1,559,051,934
Loans Remaining: 2,066
Non-performing: 673
Performing: 1,393 ““ 26% of original
Soundview Home Loan Trust, 2006-OPT2 (Deutsche)
Original # loans: 8,050
Original Collateral Value: $1,600,000,003
Loans Remaining: 2,011
Non-performing: 773
Performing: 1,238 ““ 25% of original
Soundview Home Loan Trust, 2006-OPT3 (Deutsche)
Original # loans: 10,365
Original Collateral Value: 2,000,000,025
Loans Remaining: 2,756
Non-performing: 1051
Performing: 1,705 ““ 27% of original
7
Soundview Home Loan Trust, 2006-OPT4 (Deutsche)
Original # loans: 5,459
Original Collateral Value: $1,000,000,031
Loans Remaining: 1,548
Non-performing: 615
Performing: 933 ““ 17% of original
Soundview Home Loan Trust, 2006-OPT5 (Deutsche)
Original # loans: 15,846
Original Collateral Value: $3,099,999,734
Loans Remaining: 4,650
Non-performing: 1,849
Performing: 2,801 ““ 18% of original
Soundview Home Loan Trust, 2007-OPT1 (Wells Fargo)
Original # loans: 10,818
Original Collateral Value: 4,554,183,205
Loans Remaining: 5,338
Non-performing: 1,959
Performing: 3,379 ““ 31% of original
Soundview Home Loan Trust, 2007-OPT2 (Wells Fargo)
Original # loans: 2,200
Original Collateral Value: $562,080,116
Loans Remaining: 1,226
Non-performing: 465
Performing: 761 ““ 34.5% of original
Soundview Home Loan Trust, 2007-OPT3 (Wells Fargo)
Original # loans: 2,155
Original Collateral Value: 565,259,216
Loans Remaining: 1,187
Non-performing: 445
Performing: 742 ““ 34% of original
Soundview Home Loan Trust, 2007-OPT4 (Wells Fargo)
Original # loans: 1,826
Original Collateral Value: 495,100,045
Loans Remaining: 1,053
Non-performing: 419
Performing: 634 ““ 35% of original
Soundview Home Loan Trust, 2007-OPT5 (Wells Fargo)
Original # loans: 3,915
Original Collateral Value: $1,025,576,924
Loans Remaining: 2,345
Non-performing: 872
Performing: 1,473 ““ 38% of original
