Skip to 4:00 minutes.
- Have to have a functioning MBS market again, but it has to be better.
- Covered bonds don't work for 30-year loans.
- Early 2002 was the beginning of the end with new MBS and mortgage structures
- The CDO was the straw that broke the camels back - the traditional subordinate tranche buyer who was sophisticated, was replaced with the CDO buyer.
- Core problem is still the same - no fiduciary responsibility (but he misspoke - brokers who sell a stock to a widow does not have any fiduciary duty, historically anyway).
This is mostly resi - I actually dug it up b/c Crabs of Steel mentioned he had said something about CMBS, but the video doesn't last long enough for that bit - couldn't find it with the google service either. If anyone has a link, shoot it over to me.
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4 comments:
the sadly short CMBS part of this interview:
http://www.cnbc.com/id/15840232?play=1&video=3000007142
The article in CRE Direct about his appearance:http://www.crenews.com/index.php?option=com_content&task=view&id=70565&Itemid=128
I think Ranieri needs to stick with resi. He's barely qualified to comment on CMBS, but would sooner be the next CMSA chair before anyone at S&P. Yes, credit standards have been getting pushed but we're a long way away from 2007.
If what he's saying is true, we wouldn't have any problem refinancing loans today.
Lew R. was instrumental in the creation of GNMA pool #1. He also founded Hyperion, at one time a big CMBS B-piece buyer, although I don't know why he's no longer there. He's more than familiar with CMBS, RMBS and any other type of MBS you want to know about. Show a little respect.
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