Tuesday, March 27, 2007

Form 10-D

Form 10-D is an Asset-Backed Issuer Distribution Report Pursuant to .....

Here is one of Accredited Home Lenders (through their REIT) for the 2006-2 Trust
If you are interested in this securitization issue, then I urge you to look at this report. It's fascinating. Your eyes will not glaze over.

Essentially this distribution is a report card for discrete securitizations. It's everything you wanted to know about the loans: State, principal, interest rate, and LTV. Oh, DO look at some of those rates. What you will also find is whether or not they've been naughty or not about required overcollateralization. I'm not sure, but I think that the deficiency in the overcollaterization may result in a margin call.

In no particular order...hey, it's late. Here's the report that you can go to and see where the delinquencies are--you'll not find this on the company's balance sheet...it is in the real estate investment trust (REIT).

Remember my previous post? where there was credit support/enhancement through overcollateralization? Here's the summary that shows that:

I have to believe that overcollateralization deficiency is not a good thing--what I understand (I couldn't find any good information), is that this is part of credit support, and if it is not there, then, those folks at the bottom of the food chain have more risk than they gathered.

I did find something very interesting in a Goldman Sachs shelf filing. I'll add it to my Horizon Issues. I will not shoot my entire wad tonight--and it is late in my neck of the woods...speaking of which....my neck of the woods showed up in the top 100 fastest growing counties in America. Unbelievable (just goes to show you what you can get when the denominator is small to begin with!).

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