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Secondary Marketing Journal

Recent secondary activity

March 5, 2008


Recent secondary marketing activity included the acquisition of a $1.5 billion portfolio, the formation of a hedge fund to buy distressed portfolios and additional options for sellers of government-insured mortgages.

Puerto Rico-based Popular Inc. announced its Equity One subsidiary completed the sale of a significant portion of its U.S. consumer-finance loan portfolio to American General Finance Inc. for approximately $1.5 billion. A previous announcement indicated American General would consider keeping an unspecified number of Equity One employees and branch locations while any remaining branches would be closed.

Ginnie Mae announced London Interbank Offered Rate index options for forward market adjustable-rate mortgage pools are now available on GinnieNET. The government-owned corporation said new pool types complement existing LIBOR options already in place for reverse mortgage securitizations.

Thornburg Mortgage Inc., which is currently struggling with a liquidity crisis due to $270 million in outstanding margin calls on its reverse repurchase agreement borrowings as of Monday, announced it completed a collateralized mortgage debt transaction secured by $992 million of prime hybrid ARMs in the publicly registered Thornburg Mortgage Securities Trust 2008-1. The transaction was considered a financing instead of a sale.

"Going forward, Thornburg Mortgage anticipates an increased use of collateralized mortgage debt financing and reduced reliance on reverse repurchase financing," Thornburg said. "This transaction enhances Thornburg Mortgage's liquidity position and provides long term financing for the company's originated mortgage loans."

Oxford Funding Corp., which reported annual returns of more than 90 percent on its 2007 investments, announced it acquired a $2.7 million portfolio at a 70 percent discount from a national lender that is in bankruptcy. Last week it said it would also target commercial mortgage portfolios.

The Houston-based company hopes to ramp up acquisitions with the formation of Oxford Opportunistic Mortgage Fund L.P. The new hedge fund, announced last month, will invest in performing, sub-performing and non-performing mortgages purchased on the secondary market at substantial discounts to face value.

"The Fund gives Oxford Funding another vehicle and another opportunity to profit from disruptions in the current mortgage markets," Oxford Funding Chief Executive Officer Ron Redd said in the statement.

The new fund, which will seek out investors through a private placement memorandum, subsequently announced its first acquisition of a $5.3 million pool.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]

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