From: Jeffrey Epstein <jeevacationgmail.com>
To: "GiulTrida. David J"
Subject: Re: To Do
Date: Mon. 05 Nov 2012 20:52:08 +0(X10
ok
On Mon. Nov 5. 2012 at 4:42 PM. Giuffrida. David .1 < wrote:
Jeffrey,
Paul & I just discussed this bond and we think you should pick it up. $600000 spend; 8.2% yield to base case with 2.5 duration.
Please let us know.
Thanks
The GMSL 04-A 83 is a privately placed Prime Fix 5.25% Subordinate bond backed by seasoned 15yr Fix collateral with an original LTV of 37%. The loans have amortized down significantly since issuance and are now seasoned 103
months. Prepays remain high on this pool given the quality of the borrowers and the 15yr amort nature of the loans.
Please call the desk with all bids/Inquiries related to this bond. X32124
HIGHLIGHTS
Original LTV = 37%
87% of the borrowers have not missed a payment in the past 2 years
103 months seasoned
728 FICO
$42k average balance
°Source: Bloomberg
OWL 201440330Ifered 081.00 018 INVE511:435 ONLY • 144AeREG 5
BONO DESCRIPTION Prepay Rate 10 ramp as a CPR 12 CPR 14 CPR
Cusp: 378961AM9 Delmall Rate s.sramp3o a firsrarris 12 0.5 CON 1.5 ramp 30 2.5 1.5 ramp 120.75 CDR I sumo 75 134 2406 CDR
Oignel Face 1,750033 Derive Semite 50 sww3855 55 55 ramp 24 50
Cures Face 735416 Douro Rase 7 Perces 7 Perces 7 Percent
Bond Two: Pnme 15yr Fa 525% Sub Dere edvare 01dMi too 100 100
Manilas (S&PAloodwiFix4 BB.riCaalc
Curses Cowan. 5250%
Yle12 0 Base ere 5213% See 68140 Name ere Ire ere Regrew ere
1NAL Brae ear 8.03 Weld 2.156 8.213 11.891
Node& W1tl0e0 Due Ore 01812 le Au932 Speed OS Tay 65 720 1126
Iftlieclown % 17.45% Peron 2.95 2.58 289
Current Comte EMmrcoment: 281% WAL 8.54 tea 4.I
60• Desinevenme 883 ProppetWndow NCI 210 Aug32 Dec12 to Aug32 0002 aAvg32
60, Ddrquency Coverage 041* Proxies wrowswas 32.99% 17.45% fits%
Teta Collet Loss 0.39% 0.35% 0.19%
UNDEPENHO COO lAWROLDESCRIPTION Tots LiwidelOn 4.68% 4.40% 2.37%
Average Loan &dare (SA00 42
Loan Can 12013
klodgaga Typo Prima 15yr Fa (retie bans) 1 MOS 3 MOS *1108
1VM Avg MOMMge Coupon 6814% CPR 14.88 13 50 1321
mama FiCOScour 728 COR 0.08 0.50 079
WM Avg Ceig Lomita-Value 37.47% SEV 35.13 31.20 44-68
MPI Ace LTV NA
Weghted keg Oa, Age 103
Owner Occupee 81.35
Top I Geo Conoentaeor• Cm35%)
Topa GeoConosmehon•' FL (1ft%)
Top3 Geo Conoemelon•' Tx (12%)
Nanow Current (24 mos) 88.90%
'• Scores as of cute/data
IMPORTANT DNelAIMER:
Noniagency RMIIG is a complex fixed income product and is not suitable for all investors. Please note that while desk assumptions ate driven by a number of collateral and macro factors, the historical performance of a deal is not indicative of its future
performance. Additionally, this message is a product of sales and trading and is not a research report. Other My risks to consider are outlined below:
EFTA00946860
- All investments are subject to possible loss of principal
- Non-Agency bonds may have limited liqukfty and clients should be aware that the secondary market for mortgage-backed securities has experienced periods of Iliquidity and may do so in the future. Illiquidity means that there may not be any
purchasers for your class of certificates. Although any class of certificates may experience illiquidity, it is more likely that classes that are lower in the capital structure and non-Investment grade related may experience greater illiquidity than more senior,
investment-grade rated classes.
- High Yield Non-Agency bonds are speculative non-investment grade bonds that have higher risk of default or other adverse credit events which are appropriate for high risk investors only
Non-Agency bonds are intended for diems with a minimum total net worth of $50mm. Please make sure your client fulfills this requirement before satiating this order.
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