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...These debts include mortgages and loans for cars, rental equipment and yachts....
...The New York-based securitised products business packaged debts, such as mortgages and loans for yachts, before selling them on as securities....
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...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...
...The new policy covers apps offering personal, payday and peer-to-peer loans, but not mortgages, car loans or credit cards....
...There is a real human cost to this as founders, CEOs and investors and ordinary workers in many start-ups scramble to save assets and their livelihoods....
...Mortgage issuance is going to be down when you double rates. Same thing with auto lending. The one shoe that hasn’t dropped yet are cap rates and debt yields on commercial real estate....
...The last time the industry saw such a big haul was in 2007 when John Paulson made about $15.6bn betting against subprime mortgages. It’s a huge feat for the soon-to-be Florida-based firm....
...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...
...Short sellers can get their fingers burnt when shares rise sharply and then scramble to secure stock to cap their losses. This is known as a “short squeeze”....
...The New York-based securitised products business packages debts, such as mortgages and loans for yachts, before selling them on as securities....
...Investors have rotated in to value stocks that look cheap compared with metrics such as book value and profits....
...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....
...Last year Millennium created new roles to lead the risk management of the asset classes it trades, hiring Russo, as well as former Goldman partners Jeff Verschleiser as head of credit and mortgage-backed...
...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...
...But Apollo will hold the fundraising through the first half of 2023 as investors slow their commitments to private equity funds due to an overexposure to private assets, pushing the closing into the new...
...Among the top 10 holdings in its Scottish Mortgage Investment Trust fund as of September 30 were shopping platform Meituan and social media and gaming group Tencent, both of which declined by more than 14...
...But as BI writes, the fund did own some complex instruments like interest-only and inverse interest-only MBS in its portfolio of collateralised mortgage obligations....
...In a brief letter to investors, the Tiger Global investment team said: “April added to a very disappointing start to 2022 for our public funds....
...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...
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