Mortgage backed bonds downgraded to "junk" status

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Mortgage and Lending with Academy Mortgage NMLS#329710

Anyone Want Some "Cheap" Mortgage Backed Bonds?

From Dow Jones: US Broker-Dealer Circulating List Of Subprime Bonds For Sale. Some excerpts:

In what one investor characterized Tuesday as a "fire sale," a broker dealer - which the investor said was John Devaney's United Capital Markets ... circulated a list of subprime mortgage bonds for sale.
...
The low prices of the bonds may point to a continued broad-based cheapening of the whole subprime sector.
...
The offering was for 11 different classes of bonds totalling $82 million, including $10 million in below-investment-grade subprime mortgage-backed bonds from an Ameriquest Mortgage issuer at 58 cents on the dollar.

Other below-investment-grade bonds from separate issuers were listed as sold, with final offering prices for two such bonds listed at 45 cents and 28 cents on the dollar. There was also $32 million in AAA-rated bonds listed at 92 cents on the dollar.
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