skillionaire Wrote:
>
> From someone who deals in bonds for a living, this
> is patently false. FN, FH, and GN are called
> “agencies” in “trader-speak” (as Joey alluded to);
> anything else (such as CWL, JPMAC, etc.) is simply
> called MBS, or, to be more specific in the case of
> mortgages, RMBS (the “R” standing for
> “residential”, not to be confused with “CMBS” -
> “commercial”).
And I’d have to correct your post and let you know that you are full of shit. I sell MBS every day as an institution fixed income salesman and if you call a bank in this country and tell them you’re sending them an MBS they will be expecting FN, FH, or GN…period.
It is a much different decision for them if they’re looking at a whole loan…ie private label deal with low doc loans, high LTVs, or loans that exceed the agency caps. I’ve been selling for over 10 years and worked at several firms…this is the standard used everywhere I’ve been.
Hell most banks under $5 Billion in assets won’t even buy a whole loan nowadays. Too much to worry about.
While in your “trader” world you may know the lingo, in the world of actually selling to institutions (banks in my case) and not just trading shit between desks my post is 100% correct.
I can cite my outbox as well and tell you that most of what I sell are MBS and I don’t have to specify that they are Agency MBS…it’s assumed from the title “MBS” If I show a whole loan it damned well better be described that way so as to avoid being thought of as misrepresenting a bond.
This is why the world has salesmen like me…to keep dipshit desk traders like you from pissing off the firms customers…where the money is made.
>
> From someone who deals in bonds for a living, this
> is patently false. FN, FH, and GN are called
> “agencies” in “trader-speak” (as Joey alluded to);
> anything else (such as CWL, JPMAC, etc.) is simply
> called MBS, or, to be more specific in the case of
> mortgages, RMBS (the “R” standing for
> “residential”, not to be confused with “CMBS” -
> “commercial”).
And I’d have to correct your post and let you know that you are full of shit. I sell MBS every day as an institution fixed income salesman and if you call a bank in this country and tell them you’re sending them an MBS they will be expecting FN, FH, or GN…period.
It is a much different decision for them if they’re looking at a whole loan…ie private label deal with low doc loans, high LTVs, or loans that exceed the agency caps. I’ve been selling for over 10 years and worked at several firms…this is the standard used everywhere I’ve been.
Hell most banks under $5 Billion in assets won’t even buy a whole loan nowadays. Too much to worry about.
While in your “trader” world you may know the lingo, in the world of actually selling to institutions (banks in my case) and not just trading shit between desks my post is 100% correct.
I can cite my outbox as well and tell you that most of what I sell are MBS and I don’t have to specify that they are Agency MBS…it’s assumed from the title “MBS” If I show a whole loan it damned well better be described that way so as to avoid being thought of as misrepresenting a bond.
This is why the world has salesmen like me…to keep dipshit desk traders like you from pissing off the firms customers…where the money is made.