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...The remainder of the book is a smattering of pieces including $1.2bn of loans to wineries, $10.5bn of loans to clients of its private bank — predominantly mortgages and home equity lines of credit — and...
...For the other, she would need to show $6mn of liquid assets....
...The government created Freddie Mac, Ginnie Mae, mortgage-backed securities, modified mortgages and subsidised rates for homeowners. It was a 1 per cent mortgage era....
...When loans on older offices come due for refinancing “You will see such a drop in values that unless a borrower can put in a significant amount of equity they will have to pass the keys back, then the lender...
...Ellison’s Skydance, which is backed by private equity investor KKR, RedBird Capital and Tencent, has been in talks with Redstone for several months to acquire a majority stake in National Amusements, the...
...Milo has lent some $10mn in mortgages backed by its clients’ crypto holdings since April, ranging from $150,000 to $3mn per loan....
...RedBird: Gerry Cardinale, the man who built the $10bn private equity group behind several high-profile media and sport takeovers, speaks to the FT....
...that has seen Better days When online mortgage lender Better agreed to go public through a blank-cheque merger in May 2021, the business was at its peak....
...The arrangement allows ex-couples to delay selling the home and deciding who will keep the mortgage, while keeping a familiar roof over any children’s heads....
...“Very few banks are converting this into an equity story,” adds de la Mora. This is perhaps the biggest oversight....
...This is backed by anecdotal reports from market experts....
...The FHLBs are expected to pass these favourable borrowing rates through to their members in the form of lower interest rates on the funding they use....
...The second is the credit risk that’s embedded in, particularly in corporate bonds and bonds backed by household balance sheets, asset-backed securities, mortgage-backed securities....
...capital could be released from their property, either through a downsize, outright sale or some form of equity release.”...
...Most of the products are not repackaged for the asset-backed securitisation markets so remain on banks’ books....
...Soaring mortgage rates are frightening, especially for the 1.4mn homeowners whose fixed-rate deals are due to end this year. Tenants are being squeezed as landlords pass on the costs....
...US mortgage rates hit their highest levels in almost 23 years last week while home loan applications fell to the lowest point since the mid-1990s....
...Furthermore, selling formalises losses, which flow through to earnings per share for all banks, and through capital for the banks that currently have the AOCI exemption (below $700bn in assets)....
...With private landlords in retreat, newly built rental homes backed by large institutional money managers are often cited as a source of new supply....
...This dynamic has strangled the housing market elsewhere, but for homeowners sitting on home-equity gains funded by cheap debt, it must feel good. Union activity....
...Many could also struggle to pass banks’ affordability stress tests, which may require them either to inject more equity or sell up....
...This can open up the better rates and terms offered by lenders to attract lower-risk borrowers with plenty of housing equity....
...“Macquarie [and other private equity investors] move in and change the corporate structure. They refinance the assets, hiking up the debt and reducing the equity investment....
...The bank has attempted to broaden its loan book by acquiring Fleet Mortgages and home-loan portfolios from other lenders including Kensington Mortgages....
...“We haven’t seen an awful lot of forced sales coming through but there are assets that are in trouble.”...
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