SEC filings and transcripts for GSAMP Trust S3, including financials, news, proxies, indentures, prospectuses, and credit agreements. Commission File Number of issuing entity: GSAMP Trust S3. (Exact name of issuing entity as specified in its Charter). Fraud Audit. Was the risk that Goldman hedged with AIG as bad as Goldman Sachs Alternative Mortgage Products’ GSAMP Trust S3?.
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If house prices rose, you’d have a profit.
Pmnts, 8 Month Prior. One unrated X tranche coming right up.
GSAMP Trust S3 Credit Rating – Moody’s
The average equity that the second-mortgage borrowers had in their homes was 0. Current Scheduled Payments 10 Month Prior. One Goldman filing lists more than 1, pages of individual loans – but they’re by code number and zip code, not name and address. What is there to take away from our course in Junk Mortgages ? So if a borrower decided to keep on 2006-s33 the first mortgage but not the second, the holder of the second would get bagged.
Current Scheduled Payments 9 Month Prior. The butcher—excuse us, the investment banker—gives customers what they want. It gets even hinkier.
Goldman Sachs’ House of Junk (Fortune, ) | Fortune
There are trillions of dollars of mortgage-backed securities in the world for the same reason that Tyson Foods offers you chicken pieces rather than insisting you buy an entire bird.
Reporter Associate Doris Burke contributed to this article. Pmnts, 4 Month Prior. Current Scheduled Payments 7 Month Prior. Similarly, Wall Street carves mortgages into tranches because it can get more for the pieces than it would get for whole mortgages. Of course, Goldman knew a lot about this market: Pmnts, 10 Month Prior. Check out one of these jewels on a Bloomberg machine, and the price chart looks like something falling off a cliff.
If house prices fell and you couldn’t make your mortgage payments, you’d get to walk away with nothing or almost nothing out of pocket. One unrated X tranche coming right up.
Pmnts, 1 Month Prior. Tyson can slice a chicken into breasts, legs, thighs, giblets—and Lord knows what else—and get more for the pieces than it gets for a whole chicken.
GSAMP Trust 2006-S3
Less than 18 months after the issue was floated, a sixth of the borrowers had already defaulted on their loans. The butcher – excuse us, the investment banker – gives customers what they want.
Current Scheduled Payments 8 Month Prior. Pmnts, 6 Month Prior. Then, after A-1 is paid in full, it’s the turn of A-2 and A-3, and so on down the line. Any loan losses would first hit the X tranche.
Weighted Average Margin Original. Weighted Average Max Rate Current. Read the page prospectus, related documents, and other public 2006-s33 with a jaundiced eye and try to see how things can go wrong.
Goldman said it made money in the third quarter by shorting an index of mortgage-backed securities. Will Mmmhops be a hit? And no one knows whether borrowers’ incomes or assets bore any serious relationship to what they told the mortgage lenders. Top Stories 7 things to know before the bell.
It gets first dibs on principal paydowns from regular monthly payments, refinancings, and borrowers paying off their loans because they’re selling their homes.
Someone wants a risky gsa,p with a potentially very rich yield, an indefinite maturity, and no credit rating at all? Someone 20066-s3 a safe, relatively low-interest, short-term security? That prompted Fortune to ask the firm to explain to us how it had managed to come out ahead while so many of its mortgage-backed customers were getting stomped. Of course, Goldman knew a lot about this market: Next Pass Through Rate.