Boston real estate mortgages
Here’s a pretty amazing story about one of those securitized packages of crappy subprime mortgages (in this case the MABS-2006-FRE1 bond) sold before last decade’s housing market collapse.
Believe it or not, good old MABS-2006-FRE1 is still around — as is one of the original holders of those old crappy mortgages, Stephen Monzione of New Hampshire. The story kind of weaves through the history of the bond that includes Monzione’s initial mortgage on a converted barn near Lake Winnipesaukee.
And, oh, yeah, investors are making a killing on MABS-2006-FRE1, now that the Fed has effectively bailed out the entire mortgage industry in recent years.