Officials in the financial services sector are making a fresh push to alert the mortgage and residential mortgage-backed securities industries to the potential pitfalls that delinquent homeowner association accounts pose for them. The securitization industry has little understanding of homeowner and other types of community associations, collectively referred to as HOAs, said Jason Serrano, co-head of structured products and managing director for securities at Oak Hill Advisors ...
Real estate investment trusts focused on investing in agency mortgage-backed securities were called out last week by Federal Reserve Governor Jeremy Stein. Industry participants acknowledge the Feds concerns and suggest that agency REIT investment strategies will naturally shift as yields on the products have declined, among other factors. Stein warned of overheating markets and pointed to agency-focused mortgage REITs. When I say that the market for a particular class of credit instruments ...
It was thought that after the financial shellacking it took by purchasing GMAC Mortgage, that hedge fund giant Cerberus might avoid the residential finance industry entirely. But perish the thought. Cerberus this month filed with the Securities and Exchange Commission for an initial public offering for Cerberus Mortgage Capital, a real estate investment trust that hopes to raise at least $150 million. Its goal: to use the money to buy a broad range of residential-related assets including ...