August 2, 2019 posted by

SEC filings and transcripts for GSAMP Trust S3, including financials, news, proxies, indentures, prospectuses, and credit agreements. Commission File Number of issuing entity: GSAMP Trust S3. (Exact name of issuing entity as specified in its Charter). Fraud Audit. Was the risk that Goldman hedged with AIG as bad as Goldman Sachs Alternative Mortgage Products’ GSAMP Trust S3?.

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That’s because Goldman, like other assemblers of mortgage-backed deals, doesn’t tell investors who the borrowers are.

GSAMP Trust S3 – Filings and Transcripts – BamSEC

Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.

Current Scheduled Payments 8 Month Prior. It gets even hinkier. Read the page prospectus, related documents, and other public records with a jaundiced eye and try to see how things can go wrong. Investors who paid face value for these securities – they were looking for slightly more interest than they’d get on equivalent bonds – have suffered heavy losses. Pmnts, 3 Tust Prior.

It gets first dibs on principal paydowns from regular monthly payments, refinancings, and borrowers paying off their loans because they’re selling their homes. There are trillions of dollars of mortgage-backed securities in the world for the same reason that Tyson Foods offers you chicken pieces rather than insisting you buy an entire bird.

That’s because to foreclose on a second mortgage, you have to repay the 2006-3s mortgage in full, and there was no money set aside to do that. Someone wants a risky piece with a potentially very rich yield, an indefinite maturity, and no credit rating at all? Will Mmmhops be a hit? Tyson can slice a chicken into breasts, legs, thighs, giblets—and Lord knows what else—and get more for the pieces than it gets for a whole chicken.


Weighted Average Cap Down Original. House prices began stagnating or falling in many markets. B-2, B-1, M-7, and so on. Securities are simpler to deal with and can be customized. Of course, Goldman knew a lot about this market: Finally, Goldman sold two non-investment-grade tranches. Less than 18 months after the issue was floated, a sixth of the borrowers had already defaulted on their loans. turst

Junk mortgages under the microscope – Oct. 16,

We found this issue by asking mortgage mavens to pick the worst deal they knew of that had 20066-s3 floated by a top-tier firm – and this one’s pretty bad. More Markets Why it’s time for investors to go on defense. There are two options. More from The Deal.

As a second-mortgage holder, GSAMP couldn’t foreclose on deadbeats unless the first-mortgage holder also foreclosed. Weighted Average Seasoning Current. That spread was gssamp to provide a cushion to offset defaults by borrowers.

This issue, which is backed by ultra-risky second-mortgage loans, contains all the elements that facilitated the housing bubble and bust. Two small lessons from the geamp turmoil. Mortgages have maturities that are unpredictable, and they require all that messy maintenance like collecting the monthly payments, making sure real estate taxes are paid, chasing slow-pay and no-pay borrowers, and sending out annual statements of interest and taxes paid.

Interest rates on mortgages stopped falling. Read the page prospectus, related documents, and other public records with a jaundiced eye and try to see how things can go wrong. More from Fortune Will Mmmhops be a hit? Pmnts, 8 Month Prior. Current Scheduled Payments 4 Month Prior. After paying the people who collected the payments and handled all the other paperwork, the GSAMP Trust had ten percentage points left. One unrated Trusr tranche rtust right up.


GSAMP Trust 2006-S3

Aggregate Advances with respect to this Distribution. As a result, the X tranche, both B tranches, and the four bottom M tranches have been wiped out, and M-3 is being chewed up like a frame house with termites.

Current Scheduled Payments 7 Month Prior. Like most of this article, this information is based on our reading of various public filings; UBS and Morgan Keegan both declined to comment.

SoftBank and Toyota want driverless cars to change the world. Average PSA Approximation over period between the nth month and mth month: Way too late, as usual, regulators and lenders began imposing higher credit standards. It was go-go finance, very 21st century.

As we interpret this – the firm declined to elaborate – Goldman made more on its hedges than it lost on its inventory because junk mortgages fell even more sharply than Goldman thought they would.

Alas, almost everyone involved in this duck-feeding deal has had a foul experience.