Clifden launches £2bn tender for legacy UK mortgage bonds
Clifden IOM No. 1, a real estate-focused hedge fund, has launched a tender for UK RMBS bonds totalling £2bn from the RMAC series, which were issued before the crisis by non-conforming lender GMAC-RFC. The fund has stayed tight-lipped about its strategy, but some see it as an attempt to seize control of the collateral, following an announcement before Christmas that the original sponsors could call the deals.
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