Becausetemporary changes infers michael buble official in market the way you look tonight buble defines conditions can substantially affect value, we donot believe that short-term fluctuations in the value of our assets andliabilities are necessarily representative of the effectiveness of ourinvestment strategy or the long-term underlying value of our business. Whenquoted market prices or observable market data are not available to estimatefair value, we rely on unobservable inputs, which are generally moresubjective and involve a high degree of management judgment and assumptions Michael Buble tickets .These assumptions may have a significant effect on our estimates of value, andthe use of different assumptions as well as changes in market conditions couldhave a material effect on our results of operations or financial condition.(b) Our Sequoia investments consist of credit enhancement securities,investment grade securities, and interest-only securities we acquired from theSequoia entities. We calculated the $65 million estimate of economic value forthese securities using the same valuation process that we followed to fairvalue our other real estate securities. In contrast, the $97 million of GAAPcarrying value of these investments represents the difference betweenresidential real estate loans owned by the Sequoia entities and the asset-backed securities (ABS) issued by these entities to third-party investors. ForGAAP purposes, we account for these loans and ABS issued at cost, not at fairvalue.(c) Our Acacia investments consist of ABS issued that we acquired from theAcacia entities and equity interests in those entities. The $9 millionestimate of economic value of our investment interests in Acacia entitiesrepresents the value of ABS acquired using bid-side marks from third parties,plus the net present value of projected cash flows from Acacia management feesdiscounted at 45%.
We valued our equity interests at zero.In contrast, the$16 million of GAAP value of these investments represents the differencebetween securities owned by the Acacia entities and the asset-backedsecurities issued by these entities to third-party investors michael buble wife . We account forthese securities and ABS issued at fair value.(d) We issued $150 million of 30-year long-term debt at Redwood at aninterest rate of LIBOR plus 225 basis points Under GAAP, these notes arecarried at cost save the last dance for me buble . Economic value is difficult to estimate with precision as themarket for the notes is currently inactive kissing a fool buble . We estimated the $42 millioneconomic value using the same valuation process used to fair value our otherfinancial assets and liabilities i want to go home buble Michael Buble tickets – michaelbuble . Estimated economic value is $108 millionlower than our estimated GAAP carrying value because of changes in projectedinterest rates, and, given the significant overall contraction in creditavailability and re-pricing of credit risk, if we issued this long-term debtat Redwood at December 31, 2008, investors would have required a substantiallyhigher interest rate.(e) Other assets/liabilities, net are comprised of real estate loans of$3 million, $4 million of deferred taxes, $6 million of accrued interestreceivable, and other assets of $27 million, less dividends payable of$25 million, and accrued interest and other liabilities of $21 million.The table below provides a breakout of our estimated GAAP fair value ofour unaudited real estate securities portfolio by type of security and vintageat December 31, 2008.Real Estate Securities at Redwood and Market Value as a % of PrincipalDecember 31, 2008(Unaudited, $ in millions).
NEW YORK & CHICAGO & LONDON–(Business Wire)–Fitch Ratings has downgraded $10 billion and affirmed $435.9 million of ratednotes across 16 collateralized debt obligations (CDOs) backed primarily by trustpreferred securities (TruPS), senior and subordinated debt issued by real estateinvestment trusts (REITs), homebuilders and financial institutions specializingin mortgage lending michael buble fan Michael Buble tickets – wikipedia . Of the $3.8 billion of previously ‘AAA’ rated securities, 8% were affirmed as adirect result of financial guaranty insurance policies, 69.1% were downgradedbut remain in investment grade categories, and 23% were downgraded to belowinvestment grade feeling good buble . For the remainder of the securities, the current ratingactions resulted in downgrades between two and three categories, on average come fly with me buble . Aspreadsheet detailing Fitch’s rating actions with respect to publicly ratednotes is available on the Fitch Ratings web site at underthe following headers: Structured Finance >> Structured Credit >> Special Reports These rating actions resolve the Rating Watch Negative status issued in July andDecember 2008, whereby 150 tranches from 16 transactions were placed on RatingWatch Negative due to observed credit deterioration i wanna go home buble Michael Buble tickets – michaelbuble . Today’s rating actions arethe direct result of continued asset quality deterioration and incorporateFitch’s updated criteria for rating structured finance CDOs published on Dec.16, 2008. With these rating actions, Fitch assigns a Stable Rating Outlook totranches rated in the ‘B’ category or better.
The Stable Outlook reflectsFitch’s forward-looking opinion about the prospects of a tranche’s performanceover a one to two-year period michael buble photos . Fitch’s rating actions reflect continued deterioration in the credit quality andliquidity profiles of issuers underlying REIT TruPS CDOs micahel buble . In certain cases,underlying issuers have experienced payment or technical default, a distresseddebt exchange or default of an underlying operating subsidiary michael home Michael Buble tickets . Beyond defaultsand distressed debt exchanges, credit quality of the underlying issuers hasdeclined as evidenced by multiple notch rating downgrades and the assignment ofRating Watch Negative or Negative Rating Outlooks michael bulbe . On average, 28.6% of theassets in the 16 CDOs reviewed have experienced negative rating migration, withapproximately 15.6% experiencing one-to-two notch downgrades and 13%experiencing more than two-notch downgrades.
Further, Fitch currently maintains an overall Negative Outlook on the mortgageand equity REIT sectors, as well as the homebuilding sector (as announced mostrecently in Fitch’s Special Reports ‘2009 REIT Outlook: Survive and Advance’dated Dec 10, 2008; ‘U.S REIT Liquidity – On Thinning Ice’ dated Dec 17,2008; and ‘U.S Homebuilding 2009 Outlook’ dated Dec 19, 2008) . The challengesfacing these sectors are expected to be even more pronounced with respect to thesmaller-sized entities typically represented in REIT TruPS CDOs michael bubel . Based uponpublic and shadow ratings performed by Fitch, on average 26.5% of the assets inthe portfolios underlying the 16 CDOs are currently rated ‘CCC+’ or lower, withindividual CDO exposures ranging between 6.7% and 46.4% michael bubblé . Of the 16 transactions included in this review, 21 unique issuers havedefaulted, representing a total notional of $1.4 billion or 12.7% of the totalportfolio balance .
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