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Macquarie’s no-doc and low-doc RMBS issue was assigned ‘AAA’ rating by Standard & Poor’s

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The $300 million issue made in 2008 consisted entirely of a pool of loans made to self-employed borrowers.

The issue called PUMA Masterfund S-6 bond issue, included $270 million Class A senior notes and $30 million Class B subordinated notes.

This full text of article may be found on the web here:

 

http://www.theadviser.com.au/breaking-news/786-macquaries-first-2008-no-and-low-doc-rmbs-rated-aaa

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  • doyla66
    doyla66 Monday, 19 November 2012

    S&P AAA Rating waste of time/money for Macquarie PUMA Masterfund S-6 bond issue?

    AAA rating!?
    By Standard & Poor's?
    Why would that be any sort of recommendation?
    Macquarie are crazy - or else they think investors and the public are blind and dumb!
    Pick another ratings agency for goodness - S&P are under a cloud ...

    Standard & Poor's ratings have been shown to be unreliable to the point of disasterous to a major degree in two related and recent judgements. (Wingecarribee v Lehmann Bros, Justice Rares, IMF Australia)

    Why are Macquarie Bonds using S&P - isn't that de-marketing?

    Will some other ratings agency have to redo all the RMBS?
    How will they do it? Walk into a warehouse and declare it all AA2 at a guess based on Australia's reputation or the IMF "tick" (another parasite).

    Did anyone keep solid records of all the mortgages in each bundle anywhere?

    If they don't how do we get our rights to title of our property back after paying out a loan?

    How does the investor holder of the title deeds ensure the integrity of their investment without knowing if any of their RMBS or other mortgage/loan securities investments are riddled with holes left by dead loans, payouts, refinances, loan fraud settlements?

    Or is that what is meant by risk assessment in RMBS/securities?

    Does the investor in the RMBS or other mortgage securities like the PUMA Masterfund just accept that there will be some attrition of their investment? (Swiss cheese, anyone?)

    Why aren't the Investors in RMBS and other mortgage securities asking more questions about what they are actually getting?

    Hands up anyone with a 2008 Macquarie/PUMA suspicious or fraud loan or evidence of a falsified loan document or other form of loan misconduct which went or might have something to do with the self-employed borrowers in Macquarie PUMA Masterfund S-6 bond issue?

  • doyla66
    doyla66 Tuesday, 20 November 2012

    The tide turns for ratings agencies by Stephen Bartholomeusz Published -- 5 Nov 2012

    The tide turns for ratings agencies --Today’s judgment Justice Jagot found S&P’s rating of the CPDOs as AAA was misleading & deceptive.

    The AAA rating conveyed a representation that in S&P’s opinion the capacity of the notes to meet all financial obligations was extremely strong and a representation that S&P had reached this opinion based on reasonable grounds and as the result of an exercise of reasonable care ‘’when neither was true and S&P also knew not to be true at the time made,’’ the judge found.

    In what’s been hailed as a world first, Justice Jayne Jagot ruled against Standard & Poor’s and ABN Amro in a case brought against them by 13 councils that had bought what proved to be a particularly exotic and toxic form of collateralised debt obligation created and marketed by ABN Amro and rated AAA by S&P.

    http://www.businessspectator.com.au/bs.nsf/Article/Ratings-agencies-Standard--Poors-SP-ABN-Amro-court-pd20121105-ZR9LY?

  • doyla66
    doyla66 Tuesday, 20 November 2012

    I wonder how many of our superfunds were used to purchase these? That is probably why there have been so many of those 'Capital Guaranteed' or other mis-named products in the funds performing way below par.

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