Dutch Government Helps U.S. Thrift Cleanse Balance Sheet of Damaged Non-Agency MBS
May 29, 2009
ING Bank FSB, the largest thrift investor in the MBS market, tapped corporate family connections in early 2009 to shed unwanted non-agency MBS from its portfolio so it could bolster its equity position. ING, a U.S. savings bank connected to the Netherlands-based ING Groep, held a hefty $36.02 billion of MBS in its portfolio at the end of 2008. That included some $27.07 billion of non-agency...