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BFCSA: Treasury orders AOFM to offload RMBS product 21 Nov 2012

Posted by on in Political Blindness
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Good find Andy!  So they sold off $75 million, after we informed them 10% of these loans were potentially toxic, probably 100% of Low Doc Loans and a further 10% toxicity have been confirmed by us after our surveys and research into FULL DOC loans.  The offload is named "adjustment of holdings."  Sounds like an election in the wind.  Someone yelled out: "Dive Dive for cover"

Andy writes:

OPERATIONAL NOTICE No: 11/2012 21-Nov,2012: Sale of Certain RMBS Investments: The AOFM has recently sold $75 million in original face value of the IDOL 2012-1 A1 residential mortgage-backed securities ("RMBS"). The floating rate securities were sold at an effective margin of 126 basis points over the one-month BBSW rate with a remaining weighted average life of around 3 years.

The sale was made in accordance with the Treasurer's Directions, which allow the AOFM to adjust its holdings of RMBS.

The AOFM is reporting the details of this transaction in the interests of secondary market transparency. The AOFM will continue to monitor primary and secondary market activity in formulating its advice to Treasury and the Government.

The AOFM reports on its participation in primary RMBS transactions as they occur. The AOFM’s month-end investment holdings, including RMBS investments, are also reported on the AOFM website.

Settings 'set-on' blank re future of AOFM RMBS purchasing program...refer to AOFM link:  "AOFM participation in RMBS transactions"

How many sold off since 8th of August Andy?  Excuse us for digging into these matters as taxpayers as we have a vested interest.  $75 million is a drop in the ocean of $12 Billion we have already purchased.  WE confess to being novices re the Australian Office of Financial Management but we are fast learners and there are 800 of us and growing daily.  Anyone else in for a weekend of forensic digging?

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  • doyla66
    doyla66 Saturday, 24 November 2012

    BFCSA's 'battering ram" -- Links to Operational & Public Notices relating to the RMBS Program

    Denise, the 'corollary' of AOFM 'anomalies'--as at 8 April,2011 AOFM held $12.7b -v- "[AOFM]investments stood at $11.1 billion as at 31 August, 2012." --refer to 21 September, 2012 > Mr Nichols' AOFM Opening Statement – Senate Committee Hearing, why is that?

    ...I can add up, subtract --even stand on my head, ...that's a whopping $1.6 billion RMBS "Divestment- Program" --from 8 April, 2011 -to- 21 Nov, 2012, ...but where is this being publicly "disclosed", ..and if so, ...why was this not "mentioned" before the hon. Senators' ~ Economics References Committee: Inquiry into the post-GFC banking sector ....???

    Whose pulling 'whose' leg[or chain] here, Mr Nichols...and where is complete, true, & correct "disclosure & accountability"? ...or are you simply following "orders' from the hierarchy, Treasurer's -- "Wayne's World" -- Office???

    Moreover, there appears to have been "Zero" RMBS "buy-orders" prior 8 April, sales only, & you, Mr Nicholl must have and/or ought to have known that the AOFM RMBS 'toxicity' Program = was nothing more than a bank$ters paradise with money-tree orchards & low lying taxpayer-money fruit --in exchange for delivery of a sordid RMBS "toxic waste dump" ---nothing less than a giganotosaurus of fraud compounded upon the assembled widespread debris of "micro-frauds" ...a plan by bank$ters to steal Aust Taxpayers money on top of taxpayers "titles" that's what you call ... "double-up dipping".

    Curiously, [aside,..and well done old chaps ~ Mr Nichol, and Mr Treasurer et al], ...and, but the corollary [part II], how much political 'sponsorship' money has your incumbent party coffers benefited / received, hitherto??? .. or lets limit that number to period from say...2008, 2009, 2010, 2011, 2012 ...+++2013 election year, +++millions $$$$$$ ????

    Date Released
    Operational Notice: Sale of Certain RMBS Investments No: 11/2012 @ 21 November 2012 -- $75 million
    Operational Notice: Sale of Certain RMBS Investments No: 3/2011 @ 16 March 2012 -- $50 million
    Operational Notice: Purchase of RMBS - Program Update No: 2/2011 @ 8 April 2011 -- $(non-disclosed)

    No: 2/2011
    8 April 2011

    This notice outlines the approach the AOFM will follow with regard to its investment in RMBS, following the Direction issued by the Treasurer on 5 April 2011. It continues to invite the submission of proposals from arrangers of RMBS issues on a reverse enquiry basis.


    On 26 September 2008 the Treasurer announced that the AOFM would purchase RMBS to support competition in Australia's mortgage markets, with up to $8 billion available for investment. On 11 October 2009 the Treasurer announced an extension of the Program, with the AOFM having authority to purchase up to a further $8 billion of RMBS, depending on market conditions. To date, the AOFM has invested $12.7 billion in 45 RMBS issues. These investments have assisted 19 lenders in raising over $29 billion in funding. The RMBS issuance supported by the Program has financed mortgages over more than 150,000 residential properties across Australia.

    On 5 April 2011 the Treasurer issued a Direction for the AOFM to invest up to an additional $4 billion in Australian RMBS, --( *I note: on top of Treasurer's $16 billion commitment as previously stated = $20 billion, RMBS program? ) -- together with remaining capacity from the current program of about $3.5 billion. Investments will continue with the aims of supporting competition in residential mortgage lending and lending to small business. The Direction also provides clarity regarding the eligibility of issuers operating independently of the four major Australian Banks. The Direction further confirms the Program’s temporary nature through an additional objective of encouraging a transition towards a sustainable securitisation market that is not reliant on Government financial support.

    The AOFM has decided to continue its current approach to investment in RMBS.

    It will continue to utilise a reverse enquiry approach for considering investment proposals. This provides flexibility to arrangers and issuers in the development of proposals and the timing of issues. Proposals considered under this approach will be assessed against the objectives of supporting competition in lending for housing and small business.

    The AOFM will review its approach from time to time in the light of experience with the Program and changing market conditions. The AOFM is particularly mindful of its objective of encouraging a transition towards a sustainable securitisation market that is not reliant on Government financial support.

    link to: Operational Notice: Purchase of RMBS - Program Update 8 April 2011

    Economics References Committee: Inquiry into the post-GFC banking sector
    AOFM Opening Statement – Senate Committee Hearing (21 September 2012) - PDF|RTF

  • doyla66
    doyla66 Saturday, 24 November 2012

    STILL waiting for Treasury to reply to our letter (see extract following)..

    Dr Martin Parkinson PSM
    Secretary to the Treasury
    The Treasury
    Langton Crescent
    PARKES, ACT 2600
    CC Hon. Wayne Swan
    CC Hon. Bill Shorten

    Dear Dr Martin Parkinson PSM,

    Can you please advise us as to whether our Low Doc loan with RAMS WESTPAC Credit contract XYZ...
    Mortgage Number XYZ... on XYZ 2008 has been securitised and if so, the identification of which tranche it is contained in and which entity is the purchaser of that tranche?

    Our income stream is likely to have been sent to a new owner. This was written into our mortgage contract without our knowledge, and consent was therefore by deception. We have only recently been made aware of this fact.
    Yours Faithfully,

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