Monday, 20 October 2014
Last updated 2 days ago
Apr 13 2010 | 10:29am ET
Fortress Investment Group has snapped up GMAC’s European mortgage business, acquiring as much as $12.9 billion in assets.
Affiliates of the New York-based alternative investments giant are buying Residential Capital’s mortgage platforms in Germany, the Netherlands and the U.K. Separately, the firm bought 6,000 British residential mortgage whole loans from ResCap for US$177 million.
The main deal includes some loan assets, non-performing loans and servicing rights, and stake of operating entities in the three countries. All told, Fortress is getting some 10% of ResCap’s assets.
GMAC, which received more than US$17 billion in U.S. government bailout money, is shedding businesses to refocus on its core auto lending business.
“The agreements to sell the European mortgage assets and business are key steps toward our objective of reducing the ongoing exposure for GMAC from the legacy mortgage operation,” GMAC CEO Michael Carpenter said.
The Detroit-based lender will see neither a gain or loss from the sale, it said.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...