Author Archives: Ann Rutledge

RMBS Losses in Limbo: As Bad As They Seem, The Reality May Be Much Worse

By Ann Rutledge | Published: January 25, 2012

Since the financial crisis in 2007, residential mortgage-backed securities have been hit with high levels of borrower defaults, realized losses and credit rating downgrades.  Realized losses declared on private residential mortgage-backed securities (RMBS), already much higher than original rating agency and investor estimates, are projected to rise substantially in the coming months, according to a ... Read more

Posted in Ann Rutledge, Bailout, Banks, Credit Crisis, Fraud, Iuliia Palamar, Press Releases, Risk Measurement, Structured Finance/Securitization | 6 Comments

The Fed and Small Business

By Ann Rutledge | Published: December 13, 2011

American Banker had an interesting column co-written by William Isaac (former FDIC chairman) and William Dunkelberg on how the Fed has run out of tools to help small business. The most interesting part is the comment of M, who provides a succinct summary of the structural issues that need addressing, which are beyond the scope ... Read more

Posted in Uncategorized | Leave a comment

Financial Market Tectonics

By Ann Rutledge | Published: November 7, 2011

Last night, I was hosted by Andrew Chi Fai Chan, Director of the EMBA program at Chinese University of Hong Kong (CUHK) and civic leader, at the downtown campus, where I had the privilege of speaking to a mix of current students and alumni about the structural deficits of the financial system. A marketing expert, ... Read more

Posted in Ann Rutledge, Credit Crisis, Credit Spectrum, Macro Economy, Reform, Structured Finance/Securitization | Tagged , , | Leave a comment

Moneyball and the Credit Rating Agencies

By Ann Rutledge | Published: October 11, 2011

Moneyball by Michael Lewis is a story of the Oakland Athletics, an under-capitalized baseball team managed by Billy Beane. Unable to afford expensive talent, Beane turns to sabermetrics, baseball statistics that measure in-game performance, to select a lineup of cheaper players with lopsided abilities. Beane’s own disappointing career as a player was said to validate ... Read more

Posted in Ann Rutledge, CRAs, Credit Crisis, Fraud | Tagged , , , , | 1 Comment

Think Different, about finance

By Ann Rutledge | Published: October 8, 2011

Two years ago, I switched. And, to better understand my sleek, shiny, beautiful new gadget, I found myself spending more and more time at the Fifth Avenue Apple Store. I discovered Apple was attracting – employing – young people from all walks of life (even Wall Street dropouts) who wanted to share their knowledge with ... Read more

Posted in Ann Rutledge, Credit Spectrum, Digital Media, Financial Education, Reform, Social Media | Tagged , , , | 1 Comment

A Dialogue concerning Two Rating Systems

By Ann Rutledge | Published: September 8, 2011

The following is a hypothetical conversation between Constance “Connie” de Boudinville, the dashing and attractive spokesperson for the US credit rating industry, and Axel Raskolnikov, an eastern European banker on a fact-finding mission in the United States aimed at improving the practice of banking in his native land by emulating the American model. The setting ... Read more

Posted in Consequences, CRAs, Noir, Reform, Risk Management, Risk Measurement, Structured Finance/Securitization, Sylvain Raynes | Tagged | 1 Comment

L’exception culturelle

By Ann Rutledge | Published: July 5, 2011

Sylvain Raynes comments in Bloomberg on the French plan for Greece and the meaning of default. http://bloom.bg/k91gN3

Posted in Bailout, Bankruptcy, Consequences, Credit Spectrum, Financial System, Sylvain Raynes, Synthetic Credit | Leave a comment

The independence of collateral managers

By Ann Rutledge | Published: June 22, 2011

“The real question throughout the subprime crisis was whether the collateral manager’s role was legit, or whether these firms lent their names and the appearance of objectivity to facilitate the sale of securities that were defective,” said Ann Rutledge, principal of structured-finance consulting firm R&R Consulting. See Serena Ng’s article in today’s WSJ, ‘Collateral Managers’: ... Read more

Posted in Ann Rutledge, Credit Crisis, Credit Spectrum, Financial System, Fraud, Market Microstructure | Leave a comment

S&P, Nine Dragons and David Webb

By Ann Rutledge | Published: June 14, 2011

David Webb’s 14 June 2011 blog, Nine Dragons spotlights SFC regulation of CRAs, raises a legitimate and important question about the timing of credit rating agency press releases, but his analysis misses the mark. http://bit.ly/mCSS8C Mr. Webb, former investment banker, small-cap investor and self-proclaimed advocate of transparency and minority shareholder rights in Hong Kong, describes ... Read more

Posted in Ann Rutledge, Consequences, CRAs | 2 Comments

Senate Testimony May 18 and follow up

By Ann Rutledge | Published: June 14, 2011

On May 18, Ann Rutledge testified to the Senate Sub-committee on Securities, Insurance and Investments on the State of the Securitization Markets: http://www.c-spanvideo.org/annrutledge On January 10, her testimony was picked up on Mortgage Orb.com as Correcting the Flaw in the Rating System. http://bit.ly/jUyhm0 Check it out!

Posted in Ann Rutledge, Financial System, Reform, Structured Finance/Securitization | Tagged , , | 2 Comments

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