[Rhodes22-list] Accounting

[TN Rhodey]

Brad and anyone else interested. I can not find any numbers that
specifically break down CRA defaults. I did find a GAO report I saw a year
ago that has some numbers and info on the meltdwon.

http://www.gao.gov/new.items/d0878r.pdf

Note mention that 21 of the top 25 Sub-prime loan originators were nonbank
lenders and accounted for 81% of the dollar volume. Non bank lenders did not
have to worry about CRA.

The report also reviews private label RMBS. From 2002 to 2006 private label
RMBS comprised of sub-prime and Alt A loans increased from 43 percent to 71
percent by dollar volume. The hedge funds were buying this stuff up not the
GSEs. Anyway even though the report is a year old there is some good info.

Hopefully you closed ....

Wally
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