Jeffrey Bernstein

Shadow Banking System: Death from Nowhere

Thanks for the positive feedback. HMorgan - I think that ABS securities where the originator traditionally had a good amount of skin in the game, like credit card receivables, should get a boost from TALF. Commercial real estate (CMBS) which is in the process of imploding, will not come back until the bear market in real estate ends and the securitization process is re-engineered to make buyers feel a lot more comfortable with the quality of the product. Commercial real estate and C&I loans are going to be a big hit to banks balance sheets in the coming quarters, after which banks may begin to see the light of day again.

Developments in Multi-Family Housing Don't Bode Well for New York Bancorp

I and my firm have no positions in individual stocks long or short.

On Feb 16 01:31 PM User 349063 wrote:

> You state that you have no position in NYB. Does Guild Partners
> have a short position in NYB?