Housing shouldn’t look at any color but the color of money

Housing shouldn’t look at any color but the color of money

People with bad credit and bad habits should be squeezed out of housing

Who is Nat Hardwick?

Former LandCastle Title CEO owns NASCAR team, rubs elbows with PGA pros

Lawsuit alleges former LandCastle Title CEO embezzled $30 million

Nat Hardwick allegedly used funds for private jets, gambling
W S
Investments

ING mortgage bonds flood market

Pre-announced liquidation absorbed by Wall Street

bank

According to structured finance analytics firm Interactive Data, the announced liquidation of $5.1 billion from the ING Illiquid Assets Back-up Facility spiked activity levels higher yesterday in the mortgage bond market.

A handful of Wall Street finance companies purchased portions of the 316 residential mortgage backed securities portfolio, according to the Dutch State Treasury Agency.

The ING Group (ING) is a Dutch investment firm and insurer. It received a bailout from the Netherlands and is liquidating all non-core, non-insurance assets as part of the conservatorship.

The ING Illiquid Assets Back-up Facility remaining size of the portfolio has a face value of $6.5 billion, which will be auctioned within the next twelve months.

ING had a notoriously difficult time bringing this portfolio to market and received much greater success in selling off its core U.S. real estate assets.

Here's how the sale went down:

Bank of America (BAC) received a $1.8 billion allocation.

Goldman Sachs (GS) purchased $1.3 billion.

Credit Suisse (CS), Deutsche Bank (DB) and Morgan Stanley (MS) split the remaining amount in relatively equal measure ($550 to $800 million each).

Recent Articles by Jacob Gaffney

Comments powered by Disqus