CQS LLP

In Distressed Mortgages, MBS Investors Stuck in a Holding Pattern HW+

There’s an old adage in the commercial property development business: it’s never the first investor, but usually the third or fourth, that ends up making money on a project. It’s an adage that seems apropos to the mortgage-backed securities business these days, as well, given that the market remains largely frozen amid the perception that many of the bonds in question yet have further to fall in value.