Just that we didn't get screwed the way Paulson wanted to screw us.
IMO, the MBS market will be dead for many years. Right now I'm just trading futures on treasury related etfs. Still buying yen on dips and selling into run-ups. Mostly staying on the sidelines.
At least one hedge fund manager has been buying these bonds at their current lows, though:
Nov. 19 (Bloomberg) -- Money manager John Paulson has started buying beaten-up mortgage bonds as hedge funds stumbled for a fifth straight month.
Paulson, 52, is purchasing debt backed by home loans after generating sixfold returns last year with help from bets against subprime mortgages, investors in his funds said. Paulson's Advantage Plus fund rose 29 percent this year through October, while the Eurekahedge Hedge Fund Index, which tracks more than 2,000 funds that invest globally, dropped about 12 percent.
``Paulson's timing is typically very good,'' said Louis Gargour, chief investment officer of LNG Capital LLP, a London- based hedge fund that invests in distressed credit markets.
(snip)
Bonds linked to U.S. residential mortgages fell last week after Treasury Secretary Henry Paulson abandoned plans to buy distressed securities using money from the $700 billion Trouble Asset Relief Program. The ABX-HE-PENAAA 07-2 index of credit- default swaps tied to AAA-rated securities has fallen 13 percent to 36.25 since the Treasury's announcement on Nov. 12, according to Markit Group Ltd. That indicates the bonds might fetch about 36 cents on the dollar.
If you have the money and the time it could pay off. You'd be getting a much better deal as a private investor than Paulson was going to get you as a taxpayer.