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...Rather, he said money managers such as Apollo could be a better home for lending activities. “Everything that was once on a bank balance sheet is now an investment product,” Rowan added....
...At some point, these companies won’t be able to keep servicing their debts....
...The fund’s billionaire owner Jamie Dinan told investors that the company would focus on moving away from the asset class entirely in favour of private equity, private debt and collateralised loan obligations...
...While his former boss, chief executive Angelo Mozilo, chased new loans that ultimately killed the company he had founded, Mr Furash had run Countrywide’s banking arm....
...The reluctance from several of the most prominent investors in financial services demonstrates the barriers to a potential takeover of Metro....
...Roos joins from Citigroup, where he was most recently global co-head of equities and securities services....
...Spain’s residential real estate prices fell up to 40 per cent in the crash, leading to widespread mortgage defaults and more than 500,000 unsold new homes....
...Last summer, Freddie Mac, the home loans guarantor propped up by US taxpayers a decade ago after the subprime housing crisis, backed a $550m loan to the building’s owners — Moinian Group, among New York’...
...One of the latter is PennyMac Financial Services, which was founded in 2011 by a group of ex-mortgage people at Countrywide, the US mortgage company that was acquired by Bank of America in 2008....
...Since Fannie and Freddie became wards of the state the government has tightened its grip on America’s $9.9tn home loan market....
...Last February, for example, it began a public correspondence with Ocwen Financial, the non-bank mortgage servicing company which was rapidly picking up assets from the banks, detailing concerns over its...
...After carving out the legacy asset servicing business, to work through delinquent home loans, he started in 2011 to cut costs....
...KKR added about £135m of loans to Pets at Home last year to fund a special dividend, a technique called dividend recapitalisation....
...Oaktree and Apollo acquired a big chunk of the debt of UK estate agent Countrywide in 2009 following a £300m debt-for-equity swap and recently listed it....
...Demand for home loans in the lucky country, which has not experienced a recession for over two decades, is increasing since the central bank dropped interest rates to a record low of 2.5 per cent....
...EVO, which has €1.6bn of deposits and €702m of loans, was split from Nova Caixa Galicia as the rescued lender’s new management sought to separate its businesses inside its north western home of Galicia,...
...The company sold billions of dollars worth of home loans and mortgage servicing rights to buyers including Ocwen Financial and Berkshire Hathaway....
...In 2009, Oaktree took over Countrywide, writing off three-quarters of its loans and injecting £110m of fresh capital....
...(Wall Street Journal) (Financial Times) Greece agrees deal to reform civil service: The Greek parliament has approved controversial reforms of the civil service and tax administration, opening the way for...
...brands and sells one in 11 of all UK homes....
...For the first time, three of the top seven home loan servicers are now non-banks, according to Inside Mortgage Finance....
...In a further sign of BofA’s attempts to limit its losses from home loans, it announced it had sold the rights to service some 2m investor-owned loans....
...And in August Exponent Capital, a UK group, fought off six rival private equity bidders to buy the Galway-based financial services company Fintrax for €170m in August....
...Berkshire Hathaway will pay $1.5bn to buy a portfolio of home loans from Residential Capital, the bankrupt mortgage lender formerly part of Ally Financial, the auto lender owned by US taxpayers....
...The company services 422,000 home loans with an unpaid balance of more than $77bn, collecting payments from borrowers as well as originating new loans....
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