Delinquencies of two months or more into money support WaMu’s Long Seashore LBMLT 2006-1 material sprang
The financial backed ties had been among the poor undertaking in the markets due to poor quality funds that incurred very early payment defaults, swindle, and you will higher delinquency pricing.
Long Coastline Securitizations. In the , an internal current email address sent from the a keen OTS regulator recounted seven ages away from abysmal results because of the Much time Seashore ties, detailing financing delinquencies and losses occurred in pools that contains one another repaired price and you will changeable price mortgages:
