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Cerberus resurrects reverse mortgage securitization market

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By Tom Brown
15 Jul 2021

Cerberus Capital Management has mandated Citibank for the first public securitization of equity release mortgages since before the global financial crisis. The deal, which priced on Thursday, was made of a portfolio of loans acquired from the defaulted Northern Rock and the Legal & General Group. The majority of interest paid in the coupon will come from underlying mortgage borrowers dying or entering care homes.

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By Tom Brown
15 Jul 2021