Evidence of "Walking Away" In WaMu Mortgage Pool
from Minyanville March 14th
A friend of mine who goes by name "CS" sent me this screen shot of a particular Washington Mutual (WM) Alt-A mortgage pool known as WMALT 2007-0C1. Let's take a look to see what we can see.
Click to enlarge
Let' Do the Math
The total pool size is $513,969,100. $476,069,000 was rated AAA. 92.6% of this cesspool was rated AAA. Yet 15% of the whole pool is in foreclosure or REO after a mere 8 months!
Somehow this pool was 92.6% rated AAA in spite of the fact that full doc was provided on only 11% of the loans. This folks is another fine example of how out of whack the rating agencies are.
And if Bear Stearns was loaded up with this garbage, it deserves to go under.
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