Nobody in the market wants to buy the Alt-A Liar's Loan crap anymore, at least not for face value, knowing these loans won't be getting paid back either, just like the subprime cancer. "No doc"? "State your own income"? Come on, who were we trying to kid. Alt-A, which I'll now call the "Casey Serin loan portfolio", is crap.
"We are now expecting adverse market conditions to persist indefinitely" wrote Ackor in a client note.