Investec denies that it is seeking to offload troubled U.K.-based Kensington Mortgages, a source at the South African bank told ASR.But rumors of a sale continued to swirl. Kensington was acquired by Investec earlier this year for £283 million and includes the largest non-conforming lender in Ireland, Start Mortgages. Recent headlines said that Goldman Sachs has exhibited interest in acquiring Kensington but the source at Investec said that while the timing of the acquisition of Kensington could have been better, the South African bank is investing in the lender's future and not looking to sell. Some changes underway at the mortgage include tightening its mortgage criteria, said the source, indicating that Kensington will no longer do cheap self-certified mortgages. Kensington has also withdrawn its 'Adverse' range of mortgages temporarily, which cater to borrowers with bad credit and portfolios with higher-than-average LTVs, "until market conditions improve," the source told ASR. .
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With a high proportion of fixed-rate, interest-only underlying loans, the notes have almost no amortization, and three CRE loans have standalone, investment-grade opinions.
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The fixed-rate loans are divided into three sub-pools that relied on rating methods from the RMBS, CMBS and ABS sectors to assess their risks.
April 18 -
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
April 18 -
The portfolio does not have any meaningful originations that have completed a full repayment cycle, making the company's performance data thin.
April 18 -
Formerly of Wells Fargo, she will coordinate several key units to create a structure for a sustained capital markets program that capitalizes on recent innovation and growth in home equity finance.
April 17 -
The Structured Finance Association questions whether funding closed-end seconds is an appropriate role for the government-sponsored enterprise, while newer lenders welcome the liquidity support.
April 17