We are just about passing the five year deferral period for TruPS held by the Tabernas securitizations, or possibly held by RAS itself. If the 100 million of assets that RAS traded out of the Tabernas deals prepay as many have speculated, RAS will have 100 million or more of liquidity to play with. We can't tell what is going on with these assets because they are all consolidated.
Hopefully we will see more when they report the 3/31 numbers........
I could be wrong, but I don't think it's quite as simple as that. The TruPS included provisions that allowed the borrower to defer payments for up to five years, but it didn't require deferral, assume deferral, or specify when the start date for a deferral might be. It makes sense that most or all deferrals that may have occurred started in late 2007 or 2008, but things didn't fall apart completely until Lehman failed in September, 2008, and it is entirely likely that some deferrals started as late as October. Have I missed something.
"Have I missed something."
Well, all we can do is guess. For some reason RAS is not inclined to make it transparent. What we do know is that RAS cherry picked what assets were traded. One would assume that they would cherry pick assets that would in some fashion work in their favor. You tell me what type of assets would work in management/ownership's favor?