New Century Financial Corporation Case Study Answers

New Century Financial Corporation Case Study Answers-30
He also at times referred to the industry's ongoing CDO marketing efforts as a "CDO machine" or "ponzi scheme." Deutsche Bank's senior management disagreed with his negative views, and used the bank's own funds to make large proprietary investments in mortgage related securities that, in 2007, had a notional or face value of 8 billion and a market value of more than billion.Despite disagreeing with his negative views on the mortgage market, Deutsche Bank allowed Mr.This rehabilitation was completed in August 2018 when the mine successfully entered production.

He also at times referred to the industry's ongoing CDO marketing efforts as a "CDO machine" or "ponzi scheme." Deutsche Bank's senior management disagreed with his negative views, and used the bank's own funds to make large proprietary investments in mortgage related securities that, in 2007, had a notional or face value of 8 billion and a market value of more than billion.Despite disagreeing with his negative views on the mortgage market, Deutsche Bank allowed Mr.

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It was the last in a series of CDOs sponsored by HBK Capital Management (HBK), a large hedge fund which acted as the collateral manager for the CDO.

Deutsche Bank made $4.7 million in fees from the deal, while HBK was slated to receive $3.3 million. Even after Gemstone 7 was issued in March of 2007, Deutsche Bank issued 9 additional CDOs.

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Despite that gain, due to its substantial long investments, Deutsche Bank incurred an overall loss of about $4.5 billion from its mortgage related proprietary investments.

New Century Financial Corporation Case Study Answers Essay For Mba Finance Program

|1258| To understand how Deutsche Bank continued to issue and market CDO securities even as the market for mortgage related securities began collapsing, the Subcommittee examined a specific CDO in detail, called Gemstone CDO VII Ltd. In October 2006, Deutsche Bank began assisting in the gathering of assets for Gemstone 7, which issued its securities in March 2007.

In addition, Deutsche Bank sold five RMBS securities directly from its inventory to Gemstone 7, several of which were also contemporaneously disparaged by Mr. The Deutsche Bank sales force aggressively sought purchasers for the CDO securities, while certain executives expressed concerns about the financial risk of retaining Gemstone 7 assets as the market was deteriorating in early 2007. Deutsche Bank also talked of providing HBK's marks, instead of its own, to clients asking about the value of Gemstone 7's assets, since HBK's marks showed the CDO's assets performing better.

In its struggle to sell Gemstone 7, Deutsche Bank motivated its sales force with special financial incentives, and sought out buyers in Europe and Asia because the U. Deutsche Bank was ultimately unable to sell 0 million, or 36%, of the Gemstone 7 securities, and agreed with HBK to split the unsold securities, each taking 0 million onto its own books.

Lippmann was simultaneously referring to them as "crap" or "pigs." Mr.

Lippmann was also at the same time advising some of his clients to short some of those same RMBS securities.

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