Cairn Capital, the London-based asset-manager that oversees about $32bn, is betting that it will make money on UK commercial mortgage-backed securities even if most of the loans packaged in the bonds default. The investment firm expects to profit from the purchases because spreads on the top-rated portions of the notes are so wide, according to Stefano Loreti, senior portfolio manager at Cairn.
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This week, the average U.S. fixed rate for a 30-year mortgage jumped to 3.69%. That’s still more than a percentage point lower than the 4.85% of the year-earlier week.
Embrace Home Loans, a Rhode Island-based mortgage lender, announced this week that longtime employee Ryan “Buddy” Hardiman is being promoted to senior vice president of retail and direct sales.