Items Tagged with 'broker /dealer'


  • Who, in the End, Will Strategically Default?

    Two different research teams look at the question from two different sides. Let’s start with the dark side: the borrowers who ruthlessly put the house back to the servicer. Then we’ll move on to some researchers we don’t hear from often enough, who start by trying to quantify the bright side: the borrowers who won’t drive away from the house. Ruthless Default
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  • Market Fall-Out From GSE Buyout Announcements

    Yesterday, both Freddie and Fannie announced their schedules for buying seriously delinquent loans out of their guaranteed securities. The buyouts have been anticipated by the marketplace since the economic consequences of implementing FAS 166/167 as of this month became clear last fall. Freddie's plan takes substantially all out this month; Fannies takes an unspecified amount out over a period of a few months starting next month.
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  • Reviving Repo Financing - Another Milestone on the Trudge Back to Normal

    Repo was a key source of funding for leveraged investors in private MBS and a host of other "rates" products before disaster struck capital markets. That it dried up with the crisis helped drive the prices of subprime MBS and other structured products to levels well below "intrinsic" value. Now, there are signs that repo financing is reviving, improving 2010 prospects for private MBS markets. First, a Little Background
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  • Specialized Loan Servicing Gets New Owner after Terwin Default

    Do we have the first victim of servicing advances? Highlands Ranch, Colo.-based Specialized Loan Servicing said last week that Lexia LLC, a wholly-owned subsidiary of Tokyo-based Shinsei Bank, Ltd., had acquired an 82.35 percent equity interest in the company on Sept. 8. The bank took over the firm after a unit of former majority holder Terwin Holdings LLC had defaulted on its credit obligations in late July.
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  • Guggenheim Jumps into Whole Loan Mortgage Fray

    Guggenheim Capital Markets, LLC, a registered broker/dealer headquartered in New York City with $100 billion in assets, said Monday that it's the latest firm to jump into the whole loan mix for distressed mortgages -- the company will expand upon its existing specialized fixed-income capabilities with the addition of a whole loan group, it said in a press statement.
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