Hints and tips:
...SoftBank led a $250mn funding round for data security start-up Cohesity after the founder pitched Son there....
...The global financial crisis of 2008 was the result of unprecedented dysfunction and perversion of the mortgage securities market....
...“Once you go for RSUs the fuse is lit,” said Kelly Rodriques, chief executive of private securities marketplace Forge Global. “They have liquidity and tax implications.”...
...Most Fed officials support reducing the central bank’s mortgage-backed securities holdings to zero, to avoid distorting the mortgage market....
...The retail operation provides both deposit funding and assets ripe for securitisation, such as mortgages and credit card loans....
...There is a stalemate in the US residential property market. Many city centre office blocks are empty. Developers disdain turning them into housing at scale....
...“The ability for asset managers to efficiently gain exposure to Treasuries through futures allows them to free up cash to invest in corporate bonds, residential mortgages and other assets,” he said....
...Critics rightly lambasted rating agencies for the flawed validation of mortgage-backed securities that triggered the financial crisis of 2008-9....
...debt obligations constructed from mortgage-backed securities....
...Historically, middle-class investors in the UK have invested in equities through “with-profits” funds, often tied to pension products or residential mortgages....
...Citi says it serves 700 law firms and 50,000 lawyers in the US and Britain, providing services that include favourable mortgage rates....
...Covered bonds are a type of financial security usually backed by a pool of mortgages but with an extra guarantee from the issuing bank....
...But banks are historically a big buyer of mortgage-backed securities. They’re not out of the woods yet — as shown by, and also because of, MBS prices....
...Funding isn’t secured. None of the reported facts differ from the commonly accepted narrative, however, so we’ll skip ahead to Chapter 67: Money....
...In 1970, the US Government National Mortgage Association (known as Ginnie Mae) engineered the first “passthrough” mortgage-backed securities, where the underlying individual loan payments flowed directly...
...On the other side of the trade, “the ability for asset managers to efficiently gain exposure to Treasuries through futures allows them to free up cash to invest in corporate bonds, residential mortgages...
...They want security.”...
...Tim Leunig: Planning reform — residential and infra....
...or fire selling illiquid assets; 2) retail deposits comprise 63% of the median bank’s deposit base, an important source of funding stability....
...Compounding the risks for commercial operators as well as their financiers is a slow market for commercial mortgage-backed securities, which is squeezing the ability of banks to free up lending capital by...
...Its sizeable book of single-family residential mortgages, which totalled $99bn at the end of last year, appears to be eligible for the discount window as well, but those mortgages (which aren’t agency MBS...
...Adding to investor concerns is the proportion of deposits that lenders invested in longer-dated securities like US Treasuries and mortgage-backed securities when interest rates were low....
...Armed with cheap cash, many loaded up on long-dated Treasuries or mortgage-backed securities that are guaranteed by the US government. These offered relatively attractive returns when rates were low....
...Because, as Charles Peabody of Portales Partners points out, nearly half of the First Republic loan book (most of its residential mortgages) is hybrid rate: they pay fixed for a certain number of years,...
...Legal disputes, for example over residential mortgage-backed securities, and writedowns have offset any gains in the region....
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