1.On the rmbs, the loss figure never seems to adjust that much in the last few years based on higher home prices etc. I figure something in the structure of these rmbs makes the losses not react to current improvements in the market.
2. Historically it was real estate that brought equivalent companies down and where recoveries could end up being less than 60 cents on the dollar.
I could see this happening on a toll road or a power plant, but I can't see this on general obligation bonds, no matter how scary the headline.
3. We will laugh and cry when this is in the 2018 statements:" Company capital structure includes over 300 million notes payable and 100 million in pfd stock. We will need to pay claims payable of up to 200 million in future years and there are refinancing risks on 1.2 billion in potential obligations. Company stock must be considered extremely speculative and is unlikely to have any value." Yes we have 2 billion in claims paying resources but don't tell anybody - nothing to see here keep quiet!
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