Subject:

Subprime collateral, not salable into recent deals.

From:

Hong, Victor, RBSGC (Victor.Hong@rbsgc.com)

To:
Date:

Thursday, November 8, 2007 10:42 AM

______________________________________________
From:
Sent:

Hong, Victor, RBSGC

Thursday, November 08, 2007 10:40 AM

To:

Jin, Bruce, RBSGC

Cc:

Rieder, Lauren, RBSGC; Shrivastava, Atul, RBSGC; Lin, Ming, RBSGC

Subject:

Subprime collateral, not salable into recent deals.

I agree with her, that the marks should have been updated before October 31,
and should not wait until November 30. Otherwise, a material negative
variance should be reported. Good hedging can stabilize aggregate P&L,
but not enable individual asset marks to be static in a dynamic market.
Can we talk ASAP?

Thank you.

_____________________________________________
From:
Sent:
To:

Rieder, Lauren, RBSGC

Thursday, November 08, 2007 9:47 AM
Hong, Victor, RBSGC

Subject:

RE: Subprime collateral, not salable into recent deals.

We should mark where we believe the value is (if any), if that results in an aggressive variance, than so
be it.
-----Original Message----From:
Sent:
To:

Hong, Victor, RBSGC

Thursday, November 08, 2007 8:00 AM
Rieder, Lauren, RBSGC

Subject:

FYI.

Subprime collateral, not salable into recent deals.

______________________________________________
From:
Sent:
To:

Hong, Victor, RBSGC

Thursday, November 08, 2007 7:54 AM
Jin, Bruce, RBSGC; Lin, Ming, RBSGC; Shrivastava, Atul, RBSGC

Subject:

Subprime collateral, not salable into recent deals.

Risk-IPV has been asking the front office to mark down these loans
(many are delinquent second-lien ones) since October. When
can we discuss to arrange for more timely marking to market,
regardless of hedge P&L? Thank you.
______________________________________________
From:
Sent:

Hong, Victor, RBSGC

Thursday, November 08, 2007 7:50 AM

To:

Lin, Ming, RBSGC; Shrivastava, Atul, RBSGC; Harris, Michael, RBSGC

Cc:

Weibye, Ronald, RBSGC; Jin, Bruce, RBSGC

Subject:

Subprime collateral, not salable into recent deals.

I just spoke with Ron, who anticipates marking them down to the
single digits by November 30, in conjunction with hedge P&L.
Thank you.
______________________________________________
From:
Sent:
To:

Hong, Victor, RBSGC

Wednesday, November 07, 2007 9:38 AM
Weibye, Ronald, RBSGC

Subject:

Subprime collateral excluded from recent deals.

Were these kicked from SVHE 2007-WMC1?

I was wondering if they loans have been re-marked yet.
Thank you.
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______________________________________________
From:
Sent:

Hong, Victor, RBSGC

Wednesday, October 31, 2007 7:58 AM

To:

Weibye, Ronald, RBSGC

Cc:

Harris, Michael, RBSGC

Subject:

Subprime collateral excluded from recent deals.

Did you have the opportunity yet to re-mark these loans, with supporting analysis for Risk-IPV to
review?
Thank you.
______________________________________________
From:

Hong, Victor, RBSGC

Sent:

Wednesday, October 17, 2007 6:47 PM

To:

Weibye, Ronald, RBSGC

Cc:

Lin, Ming, RBSGC; Harris, Michael, RBSGC

Subject:

Subprime collateral excluded from recent deals.

Would this be the proper file for the loans which we discussed?
<< File: subprime_loans_10-17-07.xls >>

Thank you.

_____________________________________________
From:

Hong, Victor, RBSGC

Sent:

Tuesday, October 16, 2007 6:13 PM

To:

Weibye, Ronald, RBSGC

Cc:

Lin, Ming, RBSGC

Subject:

Subprime collateral excluded from recent deals.

My understanding is that GCM holds about $25MM loans which could not be placed into recent
deals.
May you please help me to get comfortable regarding these loans, especially once you finish
your
planned re-marking?
Data on the following dimensions would be ideal.
o
o
o
o
o
o
o
o

originator
reps-and-warranties putbacks
LTV
documentation
FICO
existence of second liens
geography
loan size.

Thank you.
Victor Hong, Risk Management
RBS Greenwich Capital
203-618-2753