Whole Loans
Market Description
SecondMarket's Whole Loan Market facilitates transactions in a wide variety of residential, commercial and specialty loan types. Adding to the capabilities and resources of the MBS Market, SecondMarket now transacts in both performing and non-performing individual loans as well as entire loan portfolios. As financial institutions continue to try to de-lever their balance sheets, and the securitization market remains at a standstill, one way to generate cash from loans has been through negotiated transactions in the highly fragmented secondary market. The continued distress in the financial markets and deteriorating assets of banks has also contributed to secondary loan activity. Through its state-of-the-art trading platform SecondMarket has created a transparent, centralized marketplace for buyers and sellers of whole loans. By adding whole loan transaction resources and capabilities, SecondMarket now facilitates trading in a wide variety of loan types including residential mortgages (including prime (jumbo), subprime, alt-A, option ARMs, HELOCs and closed end 2nd liens), commercial loans (including retail, office, multi-family, industrial, acquisition and development), construction loans and a variety of other consumer loans.
Market News
Oct 7 2009
Starwood, TPG Said to Win Auction for Corus Assets — www.bloomberg.com
- Group led by Starwood Capital Group, that included TPG, won bidding for assets of Corus Bankshares Inc.
- Corus had a $5.4 billion commercial real estate loan portfolio
Sep 8 2009
Commercial Real Estate: Big Troubles, Small Bailout — www.forbes.com
- Washington has done little to ease the upcoming crunch on commercial real estate
- Commercial real estate debt market has been frozen since the markets seized in the summer of 2007
Sep 1 2009
Loan-Value Data Shows Ills Persist — www.americanbanker.com
- Fair value of loans held by the biggest banks continue to decline which indicates that credit markets have not yet turned around/raised questions about effectiveness of governments efforts
- Observers said data shows it is more difficult to find buyers for stressed loans/banks efforts to sell bad assets could be delayed
- Among 12 stress-tested banking companies, fair value of aggregated loan portfolios fell 5.6% during the first half of 2009, to $3.66 trillion
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