Monday, 25 May 2015
Last updated 3 days ago
May 6 2010 | 1:05pm ET
Toscafund Asset Management may begin lending capital to banks as part of its expansion into the European secondary mortgage market.
The London-based firm was already planning to raise a second £250 million fund to buy mortgage-backed bonds and other securitized mortgage securities, as well as distressed mortgages. Now, the firm is considering getting into the business of bank lending, insuring riskier parts of a bank’s equity structure, The Independent reports.
“There is a social agenda with the funds, as the strategy allows banks to free up capital for new lending, which is helpful for the economy, and debt forgiveness for individual borrowers, which increases their disposable income,” Charles Schrager, who heads Tosca’s mortgage funds, called Mod, told the newspaper.
“You won’t find Tosca’s representatives knocking on the door to repossess,” he added. “That’s not what we are about. Although we hope to make strong returns for our investors, this whole operation has a social agenda at its core.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…