RMAC tender buyer Clifden tried to sell mortgage book it didn’t own

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RMAC tender buyer Clifden tried to sell mortgage book it didn’t own

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Before it launched its public tender offer for UK non-conforming RMBS bonds in the RMAC and RMACS series, hedge fund Clifden IOM No 1 tried to sell the mortgages backing the bonds in a private transaction, angering potential buyers and financiers when they found out the fund did not own the assets. Owen Sanderson reports.

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