Hints and tips:
...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....
...It owns a minority equity stake worth less than $150mn, according to securities filings, and generates tens of millions of dollars in management fees from the trust annually....
...For instance, here’s an extract from a filing by Manhattan Bridge Capital, a small Nasdaq-listed mortgage Reit: No Adverse Material Change....
...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 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...
...Other deals, such as KKR’s agreement last week to purchase up to €40bn of consumer loans originated by PayPal, have more closely resembled traditional asset-backed securities....
...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....
...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 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....
...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....
...securities risk and Scott Rofey, who is head of rates/macro and commodities risk....
...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...
...The Glass-Steagall Act of the early 1930s forced financial institutions to split their commercial banking and securities businesses....
...They dumped gilts, causing prices to fall further, and also slashed their holdings in the most liquid securities, such as corporate bonds and equities....
...“[We] invested some money in China because we could get more value in terms of the strength of the enterprise on the price of security than we could get in the United States,” he said....
...The fund invests in US agency mortgage-backed securities and collateralised mortgage obligations, which aren’t especially liquid markets....
...To induce us to make the loan, the company provided us security. And with lots of collaboration and discussion, we are exercising our rights to that security. If we failed to do so, we would be remiss....
...But the Scottish fund manager failed to garner enough support from fellow shareholders to rebuff the approach, said James Anderson, joint manager of Baillie Gifford’s £20.7bn Scottish Mortgage Investment...
...Texas-based cyber security company SolarWinds was hacked last year and its software was used to spy on governments and businesses....
...Mr Gelband was head of fixed income at Lehman Brothers until he was ousted by its chief executive Dick Fuld in 2007, after a dispute over how much subprime mortgage risk the investment bank was running....
...The SEC also accused it of “a series of federal securities law violations” that continued for several years after....
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