Not too long ago, the asking price for scratch-and-dent mortgages was considered silly but buyers paid because the returns were strong. And today? It’s a whole different ballgame.
CLOs managers are responding to tough market conditions by making changes to their products, for example proposing to remove buckets for discounted assets.
A year ago, most mortgage workers could name their price and be compensated at levels never experienced before. And today? It’s a whole different world, with lenders lopping off hundreds, if not thousands of jobs.