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SecuritizationRMBS

Cerberus resurrects reverse mortgage securitization market

Death_Alamy_575x375_15July21

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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