中国政府在美国的房贷债券里也肯定亏了不少

黑山老妖

China shying from shaky US mortgage market
By Olivia ChungHONG KONG - While China is eager to invest a portion of its US$1.33 trillion foreign-exchange reserve overseas, it is unlikely to take a chance on buying additional US mortgage-backed securities (MBS) as they are now considered too risky, Chinese economists said.During a recent trip to Beijing, US Department of Housing and Urban Development (HUD) Secretary Alphonso Jackson tried to sell China on the idea of buying more MBS. Investing in MBSoffers better returns for China than US Treasury bonds, and at the same level of risk, Jackson claimed.He called it a "win-win" situation in a statement released prior to his Beijing trip. "China has bought some mortgage-backed securities from us, but not in great numbers," Jackson said.China held $414 billion in US Treasury bonds as of April, according to data compiled by Bloomberg. And according to HUD's website, as of June 2006, China held $107.5 billion in MBS, up from $3 billion in 2003 a

zhangcyer

呵呵
看不太懂
老妖给翻译一下阿

AU私募

这个文章不是很地道：1 MBS里有Subprime，也有高等级的，而且后者占的比例大约是85%左右，购买MBS不一定就等于购买Subprime的MBS2 Safe的投资，就我的接触来说，还是比较稳健的；当然，有可能出现SB3 易宪容这个2傻我就不多评价了，让丫露宿街头去吧，哈哈哈！---------------------------------------------------------------------------------------------------------Subprime只是糊弄投资者的一个名词罢了，真正的问题是CDO和CDs。。

freshpoint

US subprime crisis is largely due to the aggressive underwriting practice and sudden downturn in property market...CDOs structuers are packaging sub invesetmetn grade securities and selling it for AAA grade and leverage it up, of course it's going to blow up

AU私募

原帖由 freshpoint 于 2007-7-29 16:37 发表
US subprime crisis is largely due to the aggressive underwriting practice and sudden downturn in property market...CDOs structuers are packaging sub invesetmetn grade securities and selling it  ... 有点不准确，如果全是Sub Investment Grade的产品，那是肯定拿不到AAA的要将HY与IG的混合打包再拿去评级，才能拿到AAA穆迪和SP是混蛋，但是也没有混蛋到全是垃圾债券也能给AAA的地步。。

红色

一点都看不懂, 呵呵反正美国这个金融泡沫总是要破滴

freshpoint

原帖由 AU私募 于 2007-7-29 18:26 发表有点不准确，如果全是Sub Investment Grade的产品，那是肯定拿不到AAA的要将HY与IG的混合打包再拿去评级，才能拿到AAA穆迪和SP是混蛋，但是也没有混蛋到全是垃圾债券也能给AAA的地步。。 yup, it will include lots of IG assets.
however, CDO AAA is certainly not as solid as prime RMBS AAA.
it's all up to IB's structuring team to come up with a fancy idea to convince rating agencies.
the first CPDO had AAA rating but the pricing is very wide... over 100bps of spread.
at the end of the day, AAA is just a reflection of the credit risk profile of the bond, it's up to the trader to factor in other risks in the pricing.
must admit, Moody's and S&P's assumptions were not aggressive enough, Moody's  downgraded over 5 billion of subprime deals (S&Ps with over 10billion since they are more relaxed on their assumptions). thanks to Moody's relatively aggressive assumption, CDOs on Subprime bonds are not as bad. - in US, S&Ps loss assumptions were only half of Moody's, which is quite shocking...
but the main problems with some many hedge funds fallout

yuchendd123

不错不错！

hiwang

帮你顶顶！！！