Hedge fund makes bold bid to seize UK mortgage book

By Owen Sanderson
11 Jan 2018

Clifden IOM No.1, a real estate-focused hedge fund, has launched an audacious bid to take control of £2bn of pre-crisis UK mortgages, launching a tender that could forestall a refinancing of the portfolios by the original lender, Paratus AMC. Owen Sanderson reports.

The tender was announced on Monday, targeting 76 bonds across 17 deals from the pre-crisis non-conforming Residential Mortgage Acceptance Corp (RMAC) shelf. The deals were issued between 2003 and 2007 by GMAC-RFC, an originator controlled by General Motors, but the sponsor is now Paratus AMC, controlled by Fortress ...

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