Have we gort a floor for CDOs and Real Estate?


	Have we gort a floor for CDOs and Real Estate?

jcfalkenberg

12-4-2007 3:00 AM

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tags:

cdo, markets, real estate, lennar

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/282046fa-d7ea-4869-a635-4fb6b9dd4521/68998D3F-AFFE-429B-A29F-218B2208B2A5/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://blogs.wsj.com/marketbeat/2007/12/03/four-at-four-selling-off-assets/" href="http://blogs.wsj.com/marketbeat/2007/12/03/four-at-four-selling-off-assets/" style="font-size: 11px;">blogs.wsj.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/marketbeat/2007/12/03/four-at-four-selling-off-assets/">Recent asset sales by home builder <STRONG><A href="http://online.wsj.com/quotes/main.html?type=djn&symbol=LEN">Lennar</A></STRONG> and discount brokerage <STRONG><A href="http://online.wsj.com/quotes/main.html?type=djn&symbol=ETFC">E*Trade Financial</A></STRONG> may not be the bar against which all other sales are set, <STRONG>but they at least form a few working parts of said bar</STRONG>. Lennar entered into a partnership with <STRONG><A href="http://online.wsj.com/quotes/main.html?type=djn&symbol=MS">Morgan Stanley</A></STRONG>, selling about 11,000 home sites for $525 million, or about 40% of the original price of $1.3 billion. Last week, E*Trade announced a sale of $3 billion in CDO-type debt for about 27 cents on the dollar.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/marketbeat/2007/12/03/four-at-four-selling-off-assets/"> “Investors should be careful not to overreact to the pricing of the deal,” intoned analysts at Citigroup. <STRONG>Now, of course they shouldn’t “overreact,” but they ought to consider <EM>reacting</EM>.</STRONG> Like the recent acceptance of its own SIV assets by HSBC, any additional sale of these assets, regardless of how <STRONG>alike or unalike </STRONG>they are to what’s in other troubled portfolios, gives the market a better understanding of what others believe these pieces of paper are worth. So far, for the optimistic types, they’re not worth that much.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/68998D3F-AFFE-429B-A29F-218B2208B2A5/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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