"My Mortgage Was Stuffed Into a CDO!"

“The man came up with a scheme to get rich, and he did it.  So more power to him.”
-Jack Booket, a borrower whose defaulted mortgage was included in Abacus.

What a brilliant piece of reporting.  The Wall Street Journal unearths the actual identities of the people who took out mortgages that were stuffed into the controversial Abacus CDO deal.  You know, the one that made hedge fund manager John Paulson rich and crushed the banks that bought it.

Here’s how they did it…

From the Wall Street Journal:

The Wall Street Journal identified homeowners in the Abacus portfolio by taking the 90 bonds listed in a February 2007 Abacus pitchbook and matching them with court records, foreclosure listings, title records and loan servicing reports. The bonds contained nearly 500,000 mortgage loans.

In the below infographic, you can see the roundabout way in which these home loans became products to be wagered on:

An amazing article, nicely done.

Source:

The Busted Homes Behind a Big Bet (WSJ)

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. immediate edge bitcoin commented on Sep 21

    … [Trackback]

    […] Read More on on that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  2. Making Money Online commented on Sep 22

    … [Trackback]

    […] Find More here to that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  3. bitcoin loophole review 2020 commented on Sep 27

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  4. kmspaintingllc.com commented on Oct 19

    … [Trackback]

    […] Find More here to that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  5. Digital Transformation Consultant commented on Nov 04

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  6. devops companies commented on Nov 05

    … [Trackback]

    […] Information to that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  7. td easy web login commented on Dec 07

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  8. chopard 201 carat watch replica commented on Dec 08

    … [Trackback]

    […] Find More here on that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  9. Functional testing solutions commented on Dec 09

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  10. DevSecOps Services commented on Dec 21

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  11. national bank commented on Jan 08

    … [Trackback]

    […] Info to that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  12. tangerine bank log in commented on Jan 18

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  13. Asus A7VL133-VM manuals commented on Jan 19

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  14. wigs for women commented on Jan 23

    … [Trackback]

    […] Info to that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]

  15. this website commented on Feb 02

    … [Trackback]

    […] Info on that Topic: thereformedbroker.com/2010/04/22/my-mortgage-was-stuffed-into-a-cdo/ […]