HOUSE_OVERSIGHT_020934.jpg
1.43 MB
Extraction Summary
1
People
5
Organizations
1
Locations
2
Events
1
Relationships
4
Quotes
Document Information
Type:
Presentation slides / financial analysis report
File Size:
1.43 MB
Summary
This document contains two presentation slides produced by KPCB (Kleiner Perkins), likely part of the 'USA Inc.' report analyzing the US economy. The slides analyze the 2008 housing bubble, showing data on mortgage origination by product type (2001-2010) and the yield spread of subprime investments (2005-2007). While the document bears a 'HOUSE_OVERSIGHT' Bates stamp suggesting it is part of a larger investigation file (possibly related to Epstein's banking relationships or general financial oversight), the content itself is purely macro-economic analysis and contains no direct mention of Jeffrey Epstein.
People (1)
| Name | Role | Context |
|---|---|---|
| Betsy Graseck | Analyst/Researcher |
Cited as the source for the Morgan Stanley Research data in the second chart.
|
Organizations (5)
| Name | Type | Context |
|---|---|---|
| KPCB |
Kleiner Perkins Caufield & Byers; the venture capital firm that produced the presentation (logo present).
|
|
| Inside Mortgage Finance |
Source of data for the mortgage origination chart.
|
|
| Morgan Stanley Research |
Source of data for the yield spread chart.
|
|
| USA Inc. |
Title of the specific report or project these slides belong to (likely Mary Meeker's 'USA Inc.' report).
|
|
| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT' indicates this document was part of a congressional investigation.
|
Locations (1)
| Location | Context |
|---|---|
|
The subject of the residential mortgage data.
|
Relationships (1)
Source citation: 'Betsy Graseck, Morgan Stanley Research'
Key Quotes (4)
"Banks & Other Mortgage Originators Helped Fuel Housing Bubble as They Originated Lower Quality Mortgages"Source
HOUSE_OVERSIGHT_020934.jpg
Quote #1
"Alt-A & Subprime Origination Volumes Up 374% & 94% in 2006 vs. 2003"Source
HOUSE_OVERSIGHT_020934.jpg
Quote #2
"Real Estate Bubble: Investors Helped Fuel It, Too, as They Reached For Yield Without Questioning AAA Ratings of A Subprime-Backed Investments"Source
HOUSE_OVERSIGHT_020934.jpg
Quote #3
"Investors picked up 25-35bps over U.S. Treasuries with comparable maturity, typically levered 10:1 and generated 2.5-3.5% yield"Source
HOUSE_OVERSIGHT_020934.jpg
Quote #4
Full Extracted Text
Complete text extracted from the document (1,534 characters)
Banks & Other Mortgage Originators Helped Fuel Housing Bubble as They Originated Lower Quality Mortgages –
Alt-A & Subprime Origination Volumes Up 374% & 94% in 2006 vs. 2003
Alt-A & Subprime Origination Volumes Up 374% & 94% in 2006 vs. 2003
USA Residential Mortgage Origination by Product Type, 2001 – 2010
[Chart Y-Axis Label]: Total Residential Mortgage Origination ($B)
[Chart Right Y-Axis Label]: Subprime + Home Equity + Alt-A as % of Total
[Chart X-Axis Labels]: 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010
[Legend]: Conventional, Subprime, Home Equity, Total Non-Conventional as % of Total, Jumbo, Alt-A, FHA / VA
[Chart Right Y-Axis Label]: Subprime + Home Equity + Alt-A as % of Total
[Chart X-Axis Labels]: 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010
[Legend]: Conventional, Subprime, Home Equity, Total Non-Conventional as % of Total, Jumbo, Alt-A, FHA / VA
KP
CB www.kpcb.com
Source: Inside Mortgage Finance.
USA Inc. | Income Statement Drilldown 185
CB www.kpcb.com
Source: Inside Mortgage Finance.
USA Inc. | Income Statement Drilldown 185
Real Estate Bubble: Investors Helped Fuel It, Too, as They Reached For Yield Without Questioning AAA Ratings of A Subprime-Backed Investments
Investors picked up 25-35bps over U.S. Treasuries with comparable maturity, typically levered 10:1 and generated 2.5-3.5% yield, meaningful against an 8% annual yield target
Illustrative AAA-Rated Subprime RMBS Yield Spread* with 10x Leverage, 2/05 – 2/07
[Chart Y-Axis Label]: Subprime RMBS Yield Spread vs. 7-Year Swap Rate
[Chart Data Labels]: 4.0%, 3.6%, 3.2%, 2.8%, 2.4%, 2.0%
[Chart X-Axis Labels]: 2/05, 4/05, 6/05, 8/05, 10/05, 12/05, 2/06, 4/06, 6/06, 8/06, 10/06, 12/06
[Chart Data Labels]: 4.0%, 3.6%, 3.2%, 2.8%, 2.4%, 2.0%
[Chart X-Axis Labels]: 2/05, 4/05, 6/05, 8/05, 10/05, 12/05, 2/06, 4/06, 6/06, 8/06, 10/06, 12/06
Note: Illustrative AAA-rated subprime RMBS spread represented as Mezzanine CDO spread vs. 7-year swap rate.
Source: Betsy Graseck, Morgan Stanley Research.
KP
CB www.kpcb.com
USA Inc. | Income Statement Drilldown 186
Source: Betsy Graseck, Morgan Stanley Research.
KP
CB www.kpcb.com
USA Inc. | Income Statement Drilldown 186
HOUSE_OVERSIGHT_020934
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