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...The New York-based securitised products business packaged debts, such as mortgages and loans for yachts, before selling them on as securities....
...Blackstone took control of the trust in 2013 and two years later dramatically expanded it with the purchase of a $4.6bn portfolio of commercial mortgage loans from GE Capital....
...They have cut lending rates, mortgage rates, business taxes, stock-trading fees and even admission costs at tourist sites; extended EV subsidies; relaxed regulations; intervened in forex markets; and extended...
...For instance, here’s an extract from a filing by Manhattan Bridge Capital, a small Nasdaq-listed mortgage Reit: No Adverse Material Change....
...KKR’s recent agreement to buy up to €40bn of consumer loans originated by PayPal is one among various efforts by the firm to break into “asset-based” finance — fixed-income products such as mortgages, car...
...In those transactions, a pool of assets — such as mortgages, credit card receivables or auto loans — are packaged together, with the interest payments funding new slices of debt that are sold on to investors...
...OK, so there was a liquidity problem with SVB and something about mortgage-backed-securities, and fundamental timing mismatches of liabilities....
...In an expansion, the monster techs use cheap capital to scale like mad....
...Klarman spent much of his letter critiquing the Fed’s response to the financial crisis, when the central bank cut interest rates close to zero and began hoovering up Treasuries and mortgage-backed securities...
...Two other prominent activists, Jeffrey Smith’s Starboard Capital and Jeff Ubben’s Inclusive Capital, also hold stakes....
...The New York-based securitised products business packages debts, such as mortgages and loans for yachts, before selling them on as securities....
...that ARKK represents “the canary in the coal mine for the regime shift because it began its descent in February 2021” and was the first of many prominent growth funds, including Baillie Gifford’s Scottish Mortgage...
...Lex Populi is a new FT Money column from Lex, the FT’s daily commentary service on global capital....
...The New York-based securitised products business — which packages debts such as mortgages and loans for yachts before selling them on as securities — would reduce capital burdens on Credit Suisse’s balance...
...That year, a talented First Boston mortgage bond trader who had suffered losses, Lawrence Fink, would also leave to start a money manager that would eventually become BlackRock....
...“We estimate that less than 20 per cent of debt capital to US businesses and consumers is provided directly by the banking system.”...
...The neobank posted its first annual profit last week fuelled by its move into the mortgage market....
...The trading platform is one of the largest in the world and is integral to the financial architecture supporting US mortgages, Treasuries and corporate bonds....
...One thing to start: Intercontinental Exchange has deepened its push into the US housing market data business, striking the largest deal in its history by agreeing to purchase mortgage software company Black...
...Meanwhile Baillie Gifford’s Scottish Mortgage Investment Trust — aka the thinking person’s ARKK — marked down its private investments by an average of 9.1 per cent in January alone, according to analysis...
...The uptick in Treasury yields has lifted borrowing costs for companies and also driven mortgage rates higher....
..., ‘Tiger cub’ Maverick Capital, and Fidelity Investments’ William Danoff....
...The US investor agreed to take New York-listed housebuilder The New Home Company private in a $338m deal earlier this year and is investing in UK mortgage lender Foundation Home Loans....
...“It’s the latest missing piece of the ecosystem,” says Julien Cordoniou, a London-based partner at venture capital firm Felix Capital....
...A $2.2bn equity investment in mortgage software company Ellie Mae in 2019 yielded an $11bn windfall when the business was sold to Intercontinental Exchange a year later, which pushed the internal rate of...
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