S&P said it lowered ratings on 102 classes from 33 U.S. prime jumbo residential mortgage-backed securities that were issued from 1998!!! to 2004.

if S&P is just as correct now as they were when they gave triple A ratings to subprime mortgages, then we are in good shape.

this time it's different LOL

bad news for RE in Manhattan

now I understand why my neighbors were able to have these great vacations, a house in the Hamptons and all kind of toys - they are all in debt up to their noses...

consdiering their track record, I don't see how this is bad news for Mahhattan. And in case you missed it, there is the potential for some really GREAT news for Manhattan real estate. See my Barney Frank thread for further info.

If mortgages taken on in 1998, 1999, 2000, 2001, 2002, 2003 and 2004 are under water as S&P believes, we better watch out. This stuff is most likely still on the balance sheets of these banks - good luck.
Add to that the credit card crisis, commercial RE disaster - are you sure you want to be long the financials?

The funny thing is, they probably are better in quality now then they were a few months ago.

These guys are so far behind, they're backward.