The UK’s Towd Point Mortgage Funding trust has issued its latest transaction consisting of a large swathe of pre-crisis home loans still beset by delinquencies, or encumbered by variable rates and second-liens.

Towd Point Mortgage Funding (TMPF) 2016-Granite2 Plc is a pool of loans that are primarily prime “terms & conditions” (T&C) loans that originated prior to 2008. The loans were originated by Landmark Mortgages Ltd. and/or its predecessors. Landmark is the former NRAM Ltd. “bad bank” entity created to hold the bad debt filtered out of Northern Rock Building Society when the UK bank was nationalized in 2010.

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