BofA Internal Document
So you don't believe that homes in SoWal were purchased using sub-prime or Alt-A products?
I agree, at the average list price of a home in SoWal, you may not have seen many sub-prime borrowers.
But Alt-A? If anything, SoWal is overrepresented in Alt-A financing. These are the non agency products such as jumbo, stated income, no income loans, low doc loans that are OVER represented in coastal areas like SoWal.
You can assume it's not relevant to SoWal, but I would not agree.
The graphs represent the underlying values of homes that were underwritten by Alt-A and subprime loans.YoungFT, I think its important to note that page 20's graphs are addressing subprime and ALT-A loans. Realestate is local, and I don't see this projecting being accurate for our market.
So you don't believe that homes in SoWal were purchased using sub-prime or Alt-A products?
I agree, at the average list price of a home in SoWal, you may not have seen many sub-prime borrowers.
But Alt-A? If anything, SoWal is overrepresented in Alt-A financing. These are the non agency products such as jumbo, stated income, no income loans, low doc loans that are OVER represented in coastal areas like SoWal.
You can assume it's not relevant to SoWal, but I would not agree.