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...Pulte, DR Horton and other big builders have all said on recent earnings calls that they are looking to boost their sales to first-time buyers....
...Yet applications for 30-year fixed rate mortgages fell to the lowest level since 1995 last week....
...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.”...
...But what high rates did instead was simply freeze the market for existing homes: no one with a pre-pandemic mortgage sold their home unless they absolutely had to....
...Mortgage rates have doubled in the past year and a half, raising the cost of financing a home....
...We wrote: [Pulte’s] stock fell along with its peers as Fed tightening drove mortgage rates up. But since September, the group has come roaring back....
...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...
...We thought rising mortgage rates would crush the homebuilders, and bet against Pulte in the FT stockpicking contest....
...For instance, here’s an extract from a filing by Manhattan Bridge Capital, a small Nasdaq-listed mortgage Reit: No Adverse Material Change....
..., you know, a 2.75 mortgage to a 7 per cent mortgage....
...He puts it down to low valuations (Pulte is at a mouth-watering six times forward earnings), lower costs, expectations of cooling inflation, hopes for lower mortgage rates and good balance sheets....
...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....
...OK, so there was a liquidity problem with SVB and something about mortgage-backed-securities, and fundamental timing mismatches of liabilities....
...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...
...The Big Short movie chronicled short selling directed against US mortgage-backed securities while the Netflix documentary Skandal!...
...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...
...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...
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