Recently, the Wall Street Journal highlighted the arrival of “bad loan securities.” If this is a trend, and I both hope and think it is, we clearly have to get a better deal name for these than “Insert Bank Name”, Bad Loan Securities 2012-1.
Securitization of less than ideal conduit product has been with us since the birth of securitization, but reached its apogee in the RTC series, for non-performing loans, in the early to mid 1990s.
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The termination was concluded in connection with the sale by auction of the portfolio of real estate and promissory notes secured by residential mortgages owned by the Soundview Trust. Beck, the sale of the portfolio was a highly unique transaction, which CFN Trust was able to accomplish because of the outstanding performance of its advisors: "Michelle Slater of Miller Nash and Gene Wetzold of Boston Portfolio Advisors were able to discover the approach, skillfully design the structure within the operative documents, and successfully negotiate that legal structure with the counter-parties to the Soundview Trust, the Soundview bondholders and the auction purchaser," said Beck.
"I am grateful for the hard work and cooperation of all the parties involved in the success of this transaction." CFN Trust owned the residual interest in the Soundview Trust, which (together with related distributions held in reserve) was encumbered by claims of Greenwich Capital Markets, Inc., Greenwich Capital Financial Products, Inc., and MBIA Insurance Corporation.
Serving the financial services industry, Boston Portfolio Advisors provides a broad range of integrated solutions designed to help financial services organizations better manage their assets and operations. Beck, 561-447-8776 [email protected] Boston Portfolio Advisors, Inc.
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Nonetheless, it is peerless, durationally matched leverage that is terrifically useful for buyers of the distressed debt inventory.
As the holders of non- and underperforming debt have increasingly fessed up to their marks, we’re now at a point where these transactions can be done without creating massive capital charge problems for the banks and other financial institutions holding this paper.
Depending on the kind of trust you've set up, your assets may or may not have to go through probate.
The assets of a living trust normally do not have to go through probate, but the assets of a trust created by your will always do.