EFTA00656331.pdf

From: "Barrett. Paul S" To: "Barrett Paul S" a, Jeffrey Epstein <jecvacation@smail.com> CC: "Giuffrida, David J`e Subject: RE: To do - NEW HY RMBS BOND - 52.345mm of WFMBS 04-1 B I (4)70-16 (9.44% yield / 5.92 mod dun.) Date: Tue, 03 Apr 2012 18:08:15 ♦0000 Jeffrey - bond traded away. Wino& for other bonds. Paul Barrett, CFA Managing Director Global Investment Opportunities Group 3PMorgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 NMLS ICl/ 853441 From: Barrett, Paul Sent: Tuesday, April 03, 2012 12:02 PM To: 'Jeffrey Epstein' Cc: Ciuffnda, David ] Subject: To do • NEW HY R0185. BOND - 52.345mm of WFMBS 041 81 (8 70-16 (9.44% yield / 5.92 mod dum) Jeffrey We should buy this bond. Spending 5840K. Base case yield of 9.44%. Ideally we should get to 55-7MM of RMBS bonds. So far we have spent around 51MM. Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group 3PMorgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 NMLS ID" 853441 From: Lynn, Kevin X Sent Tuesday, April 03, 2012 10:35 AM Subject: NEW HY RMBS BOND • $2.345mm of WFMBS 04-J B1 D 70.16 (9.44% yield / 5.92 mod dum) WFMBS 04-181 is a suboranate bond off seasoned jumbo prime 7/1 mortgages. The bend is rated -4-/Ba2s-- and is backed by 94 months seasoned prime borrowers and offers close to 9.44% yield for a 9.74 WAL, 5.92 duration. Why we like this bond: Aran neatened collateral- The mortgage,, backing this bond are 95-months seasoned, 5432k avg balance loans of which 92% of the borrowers have not missed a payment in 2 years. 1CWJE.: Updated LT/ . 65% • Stable Yield Profile arrest moat •.cenvio. • In our stress case scenario, we are liquidating 12% of the mortgages, over 2x the current 60+ number of 5.41%. This is certainlyconservative considering 92% of the borrowers have not missed a payment in the past 2 years and are seasoned 94 month>. This bond is for any client who wants to pick up significant acnowst of yield and while having a relatively sale credit. WFMBS 2004-a Si Offered TO.16 BOND DESCRIPTION Prepay Rate 10 ramp 368CPR 12 rwrp as a CPR 14 ramps 10CFR 1.5 romp 2442 reel, 121 Cusp 049613443 Wait Rate 2 ramp 24 4 1 CDR CDR 1 Smits24 915 rano 121 CDR Onpinal Faco 2.346403 Walt Savorily 35 35 ramp 36 30 36 ramp 24 30 Curran, Face: 1.215.809 Barg Too post nasal 771 Prim Sub Price II 70.15 Stews Cam Bast Case 464covalv Cosa Ratings (SILFThloolo7Flichl: A41942"4. Ylidd 3517 9 444 10021 Curet Coupon 2 766% Spread leg 721 778 Ylat 48 Base Casa 9.444% Prudhoe 4A6 92 596 WALI; Base Casa 974 'HAL 7.34 9.74 979 Poncioal window Base Case 1/0042 toJun341 Onncp.71 wits. mays2 mSep29 May12 It Jun34 Alw12444/w434 writedown % 0.21% Pancipal Wrile4Osa 4871% 921% 049% CurroM Crall Erbar.cammal 3.36% limarCaat Lan 125% 0.9614 024/14 Derwarommiti 543 1203% 952% 72:244 60• Delnwenw Couwap2 0224 UNDERLYNGCCUAIERAL DESCRPTION 1 SOS 31009 ♦MOB Ararasauaan Bawtce a 03341 432 19.57 9.40 12.33 EFTA00656331 MOrtelle Type Seasoned NOP 70 Ilybdds CDR 000 I33 129 VAC Avg Madpege Coupon 3.139% SEV OVA 30.56 34 All YftclAvgfICO Scions T37 IMO Avg Orip Lcun4o-Valva 63.04% MIN Adj LTV 64.82% Iffelghled Avg LconAge 94 Game. Occupied 92.81 Uri Geo Corcarbasca CA57% Up 2 Geo Oricartalica FL 6% Top 3 Geo CorceolieScre VA 4% Ahreys Currant (24 mos) 9116% • A11 Imams Me subpi insists ins loAng Amble lawa of pinups'. •In•canml,d,, may op be suptde for Al imwam ariespip is a prishiri of sales Jill erthag 4N is mu nvmi MOM •NnsiANny bardsmoo b•e PIMP, IrspohlY Aid Sheol+ shorgr1 tv .use lb' the 'modify 'mild for mmiP1V4uSIA'd ,03.10“ kJ, ar , fletetd Pen 4, Ill,.din add due a, 'Gm the (mac. Illqinms. man. 0”, 'kr< wrrYnOf b• ArY fontasirrs for pan class°, oissifizairs.AIOsiup any clap of saiilicaus sipy csfraimoz ipihy. s is mete lady Glasse. •Ilips Vkld %roaring lipidsme spapAitive minims:4mm pail: tuns 161 lin hipla rids of defauli its aad.trucmin roan whAk an primp lelbids rek mown mly •••Ads OFFERS ARE SUBJECT US Onshore Clients - Blue Sky(U.S. State Securities tow): Please con Jim. Blue Sky elialblity before soliciting too US Onshore [Lent by entetmg the CUSla Into Me 'we tool located at: ttUndillICallYiamtcagecorhos• ore sosondueuranciasmt and review to see If your client's state ofntldenek NSW. If you rem* WO SECURITY FOUND', 'NO STATES FOUND' or the security DOES NOT NAVE A <USW or I s not USIldenomInated then please contact your SM or local camphoric° officer and provide the requested security antitheft Information. Please note that a suitability review and other psetrade procedures Tuft still be followed This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, VidLISCS, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.jpmorgan.comipagesIdisclosurestemail. EFTA00656332