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bluejay1
1 Comment
Are Countrywide Financial Bond Holders Bankruptcy Remote?
What is the most worrisome / toxic asset on CFC's B/S ?
Option Arm/ HELOC loans- Where are they held ? At the Bank
You assume BofA will provide Red Oak book equity I say thank you very much
What is the most valuable asset at CFC today?
The servicing portfolio -and where is this held at CHL.
The next profitable business at CFC is the insurance business - Yesterday AIZ commented that they are interested in acquring Balboa.
So if you say the bank will be merged into BofA and red oak will get Book, I see no reason for bond holders to incur a dime of loss.
The main non bank assets which are toxic in my mind are the residual portfolio - Deminimus currently $480Mn or so and the helf for sale mortgage - Alt A and subprime about 8Bn and M2M. They also have about a 800Mn of Subprime seconds. The loss content on all those will still be very manageble.
The riskiest assets are at the bank,
What do you think