Ora dovranno ammettere le perdite sui mutui cartolarizzati in USA ? - gz
By: GZ on Giovedì 21 Giugno 2007 19:22
ci sono fondi, fondi hedge, banche e altri che hanno comprato miliardi di CDO
solo che a differenza delle azioni pirelli o microsoft o del dax NON SAI A CHE PREZZO POSSONO ESSERE VENDUTI
sui giornali o su internet non trovi le loro contrattazioni, occorre che qualcuno si faccia avanti e faccia un prezzo, fino ad allora metti a bilancio quello che hai pagato e stai tranquillo, il bello di comprare derivati è questo, che se sei in perdita non lo mostri
se questi due fondi liquidano a prezzi di saldo 1 miliardo di CDO su mutui di colpo hai un prezzo a cui poi tutti gli altri portafogli di CDO di mutui subprime verrano valutati
e di colpo tanti fondi e banche dovranno ammettere le perdite
Bear Stearns Fund Collapse Sends Shock Through CDOs
By Mark Pittman
June 21 (Bloomberg) -- Merrill Lynch & Co.'s threat to sell $800 million of mortgage securities seized from Bear Stearns Cos. hedge funds is sending shudders across Wall Street.
A sale would give banks, brokerages and investors the one thing they want to avoid: a real price on the bonds in the fund that could serve as a benchmark. The securities are known as collateralized debt obligations, which exceed $1 trillion and comprise the fastest-growing part of the bond market.
Because there is little trading in the securities, prices may not reflect the highest rate of mortgage delinquencies in 13 years. An auction that confirms concerns that CDOs are overvalued may spark a chain reaction of writedowns that causes billions of dollars in losses for everyone from hedge funds to pension funds to foreign banks. Bear Stearns, the second-biggest mortgage bond underwriter, also is the biggest broker to hedge funds.
``More than a Bear Stearns issue, it's an industry issue,'' said Brad Hintz, an analyst at Sanford C. Bernstein & Co. in New York. Hintz was chief financial officer of Lehman Brothers Holdings Inc., the largest mortgage underwriter, for three years before becoming an analyst in 2001. ``How many other hedge funds are holding similar, illiquid, esoteric securities? What are their true prices? What will happen if more blow up?''
Shares of Bear Stearns, the fifth-biggest U.S. securities firm by market value, and Merrill, the third-largest, led a decline in financial company stocks yesterday, and the perceived risk of owning their bonds jumped on concerns losses related to subprime home loans may be bigger than initially thought. Both companies are based in New York.
The perceived risk of owning corporate bonds jumped to the highest in nine months today. Contracts based on $10 million of debt in the CDX North America Crossover Index rose as much as $10,000 in early trading today to $178,500, according to Deutsche Bank AG. They retraced to $171,500 at 8:28 a.m. in New York.
U.S. Securities and Exchange Commission Chairman Christopher Cox said yesterday that the agency's division of market regulation is tracking the turmoil at the Bear Stearns fund.
``Our concerns are with any potential systemic fallout,'' Cox said in an interview.