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...In 2009, Mnuchin led a group of private equity investors that bought IndyMac, a mortgage lender that failed in the 2008 financial crisis, from the Federal Deposit Insurance Corporation....
...Mnuchin and Joseph Otting, the former regulator who has taken over as NYCB chief executive, have a history of rebuilding troubled lenders: they bought failed mortgage lender IndyMac from the FDIC in 2008...
...Donald Trump’s former US Treasury secretary had made a fortune rehabilitating a failed US mortgage lender after the 2008 financial crisis....
...The revelations shocked investors, sending NYCB’s stock down almost 40 per cent to wipe out its gains since its takeover of Signature....
...The downgrade came just hours after the stock took another tumble; NYCB shares have now fallen 60 per cent in the past week....
...After NYCB, we know there could be patches of trouble in multifamily residential, particularly in the sorts of rent-stabilised properties NYCB has long (and profitably) specialised in....
...The New York-based securitised products business packaged debts, such as mortgages and loans for yachts, before selling them on as securities....
...Blackstone Mortgage Trust said in an emailed statement: “This report is highly misleading and represents a fundamental misunderstanding of our senior secured lending business.”...
...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....
...But JPMorgan did something that NYCB and First Citizens avoided: it did not cherry pick the parts of the target company it wanted....
...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....
...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....
...OK, so there was a liquidity problem with SVB and something about mortgage-backed-securities, and fundamental timing mismatches of liabilities....
...New York Community Bank’s purchase this week of $39bn of assets from collapsed rival Signature did not include any of its real estate business, in a move NYCB said was part of its efforts to diversify away...
...“Salesforce is one of the pre-eminent software companies in the world . . ....
...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...
...The New York-based securitised products business packages debts, such as mortgages and loans for yachts, before selling them on as securities....
...The Big Short movie chronicled short selling directed against US mortgage-backed securities while the Netflix documentary Skandal!...
...High returns meant high risk and First Boston suffered significant paper losses on bridge loans extended to such companies such as Ohio Mattress, Campeau and Long John Silver’s....
...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...
..., adding that “the long-term profitability and equity performance of so-called ‘profitless tech’ companies will dwarf those of companies that have catered to short-term oriented shareholders with share repurchases...
...As bank lending has become more constrained, many European companies have turned to alternative sources to fund their operations....
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