Capital Markets Today

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IMN NPL Podcast Series-NPL/RPL Property Valuation Process, O'Grady, CEO ProTeck Jun 07, 2017

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According to a recent article in Bloomberg, U.S. securities regulators are investigating whether bonds backed by single-family rental homes and sold by Wall Street's biggest residential landlords used overvalued property assessments. Several of the largest BPO providers received a request for information from the SEC in March requesting information about the BPO's services they provide. The agency has been looking at whether BPOs were wrongly inflated potentially serving as a starting point for an industrywide probe. The SEC is scrutinizing how BPO providers compete for business and whether their customers shop for providers willing to put the highest value on their properties. Joining the podcast to discuss the valuation process, as it relates to NPL/RPL & Single Family Rental deals is Tom O'Grady, CEO of Pro-Teck Valuations Services. Pro-Teck has been providing residential real estate valuation services since 1977.

IMN NPL Podcast Series-Housing & Mortgage, Purviance, Federal Reserve Bank May 25, 2017

Show notes

2016 was a solid year for housing, with many positive trends. Weighing the positive and the negative, most experts remain optimistic overall about home prices, but to the detriment of future affordability The following are housing and mortgage predictions published by Forbs for 2017 and beyond Home prices and rents will continue to rise, albeit but more slowly, but still faster than incomesAffordability will worsen resulting in weak homeownership ratesMortgage rates will be volatile. It is unclear whether Credit availability will improve. No housing bubble in siteSupply will improve but remain short. More Millennials will become homeowners--and renters. Competition will grow fiercerPolicy changes will stimulate demand more than supply.Political uncertainty will be replaced with policy uncertainty. Joining the podcast today is Domonic Purviance a Senior Financial Specialist at the Federal Reserve Bank of Atlanta. Domonic is responsible for conducting an ongoing assessment of risks associated with residential real estate markets and the potential impacts they may pose to the financial system. Prior to joining the Federal Reserve, Domonic served as the President of Market Advisory Services, LLC, a research, and consulting firm that provides analytics for developers, homebuilders, and lenders as well as a Senior Consultant at Metrostudy, a residential real estate research company.

IMN NPL Podcast Series-NPL Market & Capital Raise, Malecki, MD RCM LLC May 23, 2017

Show notes

FNMA, Freddie Mac and HUD have recently announced upcoming sales of non-performing and re-performing loan sales. Fannie Mae has three larger NPL pools totaling about $613 million in unpaid principal balance, the Community Impact Pools is $34 million in UPB and the re-performing loan pool totals $3billion in UPB. HUD announced a vacant NPL sale totaling $170 million in UPB and Freddie Mac announced a previously modified loan sale totaling $292 million in UPB. The NPL market continues to be driven by the government which feeds the secondary and tertiary markets. Positioning your firm and raising capital is critical to be able to participate. Joining the podcast today is Bob Malecki, Managing Director at Resolution Capital Management LLC. Bob manages a series of private equity funds designed to acquire senior distressed residential mortgage debt.

IMN NPL Podcast Series-NPL/RPL Pricing & Market, Kelleher-MountainView Financial May 18, 2017

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There are many ways investor price NPLs & RPLs. Some have models that are simple and straight forward and other models are very sophisticated that produce probabilities on several outcomes based on a database of assumptions. As with any other investment, trying to solve for the price/value of non-performing mortgages is solving for an expected value problem. In today's market, many are surprised to realize how liquid non-performing and re-performing loans are and how tightly they are priced, for example a lot of market participants assigning basically the same value to them. The value of the NPL or RPL is the net present value of the forecasted cash flow from the NPL/RPL Joining the podcast today is Mike Kelleher Vice President of MountainView Financial Solutions. Mike assists clients with the valuation, sale and purchase of residential whole loan and mortgage servicing rights portfolios. Mike previously worked on MountainView's trading desk, where he provided analytic and transaction process expertise that helped loan sale advisory clients to execute trades. Prior to joining MountainView's trading desk, Mike spent three years working with MountainView's bond and whole loan valuation team as a Pricing Analyst and three years at Clayton Fixed Income Services as a Credit Risk Analyst.

IMN NPL Podcast Series - Buying & Selling NPLs, Orman, Carrington Holding Co. May 16, 2017

Show notes

Last week, Fannie Mae announced the latest sale of non-performing loans and its third reperforming loans sale. The three larger NPL pools hold about 3,600 loans that total $613 million in unpaid principal balance, while the Community Impact Pools make up about $34 million in UPB, and are available for purchase by qualified bidders. The reperforming loans pool holds about 13,700 loans totaling $3.036 billion in UPB. Joining the podcast to discuss the buying and selling of NPLs is Rudy Orman, Managing Director at Carrington Holding Company. Rudy has years of experience in the NPL space. Prior to Carrington, Rudy was at Residential Credit Solutions and Marathon Asset management.

Disruptive Mortgage Industry Change, Tom Showalter, CEO Credit Sciences Apr 03, 2017

Show notes

There is speculation that the mortgage industry is about to see some significant changes. Trump's proposals for tax cuts and government spending could lead to a larger deficit, which could improve economic growth. As the economy grows, so do interest rates. The privatization of Freddie Mac and Fannie Mae is now a possibility and analyst believe that, under the Trump administration, lending standards may become laxer, thus opening credit to more borrowers. Joining the podcast to discuss potential disruptive change and opportunities in the mortgage industry is Tom Showalter. Tom is CEO of Credit Sciences, a custom analytics and database development firm. Prior to Credit Sciences, Mr. Showalter was the Chief Analytics Officer of Digital Risk LLC and the President of Digital Risk Analytics, LLC, a subsidiary of Digital Risk. Tom is the holder of three patents and the author of numerous technical papers.

DDC EUR INV Series, EUR Distressed INV Environment, Schacter, CEO VION Investme Feb 23, 2017

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Welcome to Capital Markets Today and the DDC Financials' series of European Investment Forum podcasts. Capital Markets Today listeners can use code NSCM30 for a 30% discount to the European Investment Summit being held in Miami Florida USA on March 8 & 9th 2017 Alternative investment manager CVC Credit Partners recently closed its new distressed credit fund that will focus predominately on European opportunities, raising a total of €2.5 billion for the strategy. The new fund, named the Global Special Situations Fund, received strong backing from both new and existing investors. Investors from North America, Latin America, Asia, Europe and the Middle East are participating in the fund. Partners at the fund believe the structural changes across the European banking landscape, potentially impacted by Brexit, have created attractive investment opportunities across the European landscape. Joining the podcast to discuss the European distressed investment environment is Stacey Schacter, CEO of Vion Investments. Vion is a global buyer of consumer and commercial receivables, offers alternative receivable lending solutions and portfolio appraisals.

DDC European Investment Series, Polish NPL Market, Browndorf - DCM Feb 16, 2017

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Welcome to Capital Markets Today and the DDC Financials' series of European Investment Forum podcasts. Capital Markets Today listeners can use code NSCM30 for a 30% discount to the European Investment Summit being held in Miami Florida USA on March 8 & 9th 2017 According to a recent KPMG report, the NPL market in Poland is developing rapidly. The combined gross value of NPL transactions increased by 55 percent over the last two years, reaching 3.7 Billion US dollars The Polish debt sector has been low key and domestic so far. However, an increase in the number of deals is expected to attract more international investors, especially as Polish banks are considering selling portfolios outside of the consumer debt space Joining the podcast to discuss the Polish NPL market and his new Polish based asset management platform, Resolution Capital Management, is Matt Browndorf, Chief Investment Officer of Distressed Capital Management. Resolution Capital Management is a joint venture between Distressed Capital Management and Residential Mortgage Solution, two California based asset managers.

DDC EUR INV Series, Family Office & EUR Oppty - Wilson, CEO Family Office Club Feb 14, 2017

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Welcome to Capital Markets Today and the DDC Financials' series of European Investment Forum podcasts. Capital Markets Today listeners can use code NSCM30 for a 30% discount to the European Investment Summit being held in Miami Florida USA on March 8 & 9th 2017 Cerberus has raised more than $3.2bn in three dedicated real estate funds in which more than 50% has been invested in European distress debt and real estate. According to a recent article, Cerberus, who is raising capital for their 4th fund, expects continued significant investment in Europe. It is estimated that $1.4 trillion of distressed debt is still on the books in Italy, Germany, Spain. This number does not include some of the hardest hit Southern European countries or eastern Europe. Joining the podcast to discuss the European market and how Family Offices perceive the opportunity is Richard Wilson, CEO & Founder of Wilson Conferences and the Family Office Club. Richard helps $100M+ net worth families create and manage their single family offices and currently manages 14 clients including mandates with three billionaire families and as the CEO of a $500M+ single family office and Head of Direct Investments for another with $200M+ in assets. Richard is also the headline speaker at the European Distressed Investment Forum being held on March 8th and 9th in Miami Florida.

IMN NPL Series - HUD Direct Sales Program – DASP / Cham, HUD Jan 11, 2017

Show notes

HUD has been selling nonperforming loans insured by FHA since 2010, but it has greatly stepped up the pace of these sales since 2013. In selling these loans, HUD aims to improve outcomes for borrowers. In June 2012, the program was renamed the Distressed Asset Stabilization Program or (DASP). Also in 2012 HUD issued its first pool of Neighborhood Stabilization Outcome or (NSO) loans, which were concentrated in designated areas. Investors who purchase NSO pools must ensure that at least 50 percent of the loans achieve one of HUD's approved outcomes. Subsequently to creating the NSO pools, HUD has also created NSO pools available to bid by HUD approved non-profits only allowing non-profits to engage in the loan sale transactions without competing in against large investors. One lesser known and very important component of DASP is the ability for HUD to sale direct to approved buyers without having to participate in an auction. Joining the broadcast to discuss DASP and the Direct Sale process is Sennai Cham. Sennai is a Financial Analyst in the Asset Sales Office at HUD where he assists with developing and executing auctions of severely delinquent loans through DASP.

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