Non-conforming lenders fuel mortgage growth
AS NEXT BIG things go, first-loss sales of ABS transactions have been some time coming. Although changes to regulatory and accounting rules in Europe have long been a driver for banks to sell equity exposure, the market has only really picked up steam in the past year. One of the problems is supply – many banks have been far slower to come to the table than the specialist investors now piling into the sector would like (see Funds list to ease first-loss sales, Euromoney May 2006).
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