I Think This Isn't Supposed to Look Like This

I won’t pretend to have the expertise of Tanta at Calculated Risk on the subject, but I do regularly check the ABX index to watch how it is performing.  Last night I pulled it up and thought I detected a new trend in the AA:

Just my opinion- but I don’t think it’s supposed to do that. And uh- isn’t AA prime?

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9 Comments for this entry

  1. metroplexual says:
    July 10, 2007 at 8:47 AM

    Nothing is wrong, move along. I fear the contagion is coming to other sectors.

    BTW I have been in Moab for 3 days. I hear Phoenix is way hotter than the 106 degrees I experienced yesterday. Corona Arch was spectacular.

  2. oc_fliptrack says:
    July 10, 2007 at 10:47 AM

    Uh, nope. It ain’t supposed to look like that.

    The BBB stuff was doing this back in Feb when they were telling us how the problems in subprime would stay contained within subprime.

    Apparently the containment is spreading.

  3. housingguy says:
    July 10, 2007 at 1:09 PM

    Twist – Check out my most recent post on Housing Wire. S&P is hitting the subprime RMBS/CDO market hard, and you probably got an early taste, since markets probably got wind of this yesterday.

    http://www.housingwire.com/2007/07/10/subprime-rmbs-cdo-markets-on-notice-sp-warns-of-wide-scale-downgrades/

    Cheers.

  4. twist says:
    July 10, 2007 at 1:18 PM

    Housingguy-

    CNBC just announced that Moody’s is reviewing 30+ securities for downgrade, and put the following alert on their homepage:


    CNBC’s Faber: Moody’s Dowgrades 399 Subprime Residential Mortgage-Backed Securities Issued in 2006

    So S&P is not alone.

  5. agnostic says:
    July 10, 2007 at 2:02 PM

    “Captain, I canna hold her any longer, the core is about to breach!” – Montgomery Scott

    Only 30+ securities?

  6. agnostic says:
    July 10, 2007 at 2:07 PM

    I just want to say, in the context of the 4th of July post by twist, I seriously and fervently hope that officials at Moody’s, S&P, Fitch, and wherever else appropriate, feel their responsibility to DISPASSIONATELY ANALYZE RISK FOR THE LONG-TERM BENEFIT OF THE UNITED STATES AND ITS CITIZENS.

  7. twist says:
    July 10, 2007 at 2:09 PM

    Agnostic-

    Sorry- I left out that they downgraded 399 and have 32 under review.

    Ouch.

  8. sequoia512 says:
    July 10, 2007 at 9:33 PM

    That is probably what housing prices and sales numbers will look like soon.

    However it also looks alot like the chimp’s approval rating.

  9. John M. says:
    July 17, 2007 at 6:17 PM

    twist -

    Maybe time for an update. AAA – about 95, AA – about 88. Looks like carnage from here :(

Comments are now closed.