Wednesday, 20 August 2014
Last updated 49 min 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.”
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note