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Mikey Forrester...Russian Sailors...Dios Mio

I feel like Mark Renton in Trainspotting when he does not want to do a drug deal:

"Two kilos. What's that, about ten years? Mikey Forrester, Russian sailors, what the ---- are you boys on, eh?"

Via John Mason we learn that private equity firm Blackstone has gotten a AAA rating on a new financial product that - unbelievably - bundles foreclosed homes!

WHAAAAAAAAAAAAAT the ---- are you boys on, eh? From the Financial Times:

"Blackstone and Deutsche Bank have long been working on the asset-backed security, which bundles together the cash flows generated from a portfolio of rental properties that the private equity group has been snapping up since 2012.

The bonds, which bankers believe could usher in a whole new asset class, are a way for opportunistic investors, such as private equity firms and hedge funds, to refinance the cheap homes they purchased in the aftermath of the subprime crisis.

Blackstone's deal has secured credit ratings from agencies including Kroll, Morningstar and Moody's, according to people familiar with the matter. At least one agency had given the top slice of the deal a triple A rating, these people said."

These will be interesting products, and I am intrigued. But the parallels that are begged by putting a AAA rating on a bundle of cheap real estate that private equity is looking to unload - Dios Mio, my friends. Dios Mio.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: I am long flabbergasity.