GLG News by Mortgage Servicing Experts

Gavin CampbellFounder, Managing PrincipalSteelbridge Capital LLC

Banks and Special Servicers Continue to Postpone the Inevitable

July 22, 2009

Analysis of:Pru Sees Debt as Best Investment Bet | www.globest.com

The article notes that distressed debt provides the best near term opportunities for r investors. And, in a perfect world, it should be; banks and conduits learned in the last downturn that they were not good at owning foreclosed properties, so their instincts this time are to just sell the paper. But, to do this they must mark it to market, and that, ironically, prevents many of them from selling it. But, they will face reality sooner rather than later, and the market will be better for it.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Borat and Bruno - not withstanding - Kazakhstan means business

July 18, 2009

Analysis of:only fools and doping cops would doubt lance armstrong -- fanhouse | jay-mariotti.fanhouse.com

The venerable (arguably a true legend in his own time) Lance Armstrong is placing his long standing career back on the line.And Lance Armstrong's team is Team Astana Cycling Team.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Desperate times, desperate measures

July 18, 2009

Analysis of:American Express halts UK pension payments | business.timesonline.co.uk

The value of due diligence, and buyer beware has never before in financial times been so important. There are definitely two sides to this issue. We are faced with commitments made based upon invalid assumptions of risk management techniques.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Where (or what) is the SBA?

July 13, 2009

Analysis of:goldman says it has ‘no material exposure’ to cit (update1) - bloomberg.com | www.bloomberg.com

The latest news regarding CIT  is not good. Fitch Ratings downgraded its ratings for CIT Group Inc. deeper into junk status on Wednesday. From my personal experience and public information, CIT is the third big-bank lender to destroy small-business access to credit.

Justin HupetPrincipal & Managing PartnerFour Peaks Capital LLC

Genworth MI Canada: Successful IPO, But Mixed Market Reaction

July 9, 2009

Analysis of:What to take from Genworth's IPO | www.theglobeandmail.com

Genworth Financial (NYSE:GNW) completed an IPO of their Canadian operations in a bid to raise capital to pay down debt at the parent company.  The mortgage insurer’s Canadian offering raised at least C$850 million (44.7mm shares priced at C$19 per share and the underwriters have the option to sell an additional C$127mm (6.7mm shares) up until August 6th).  If the option is exercised in full, Genworth Financial would have a 56% ownership interest in Genworth MI Canada (TSX:MIC).  This is the largest IPO in the Canadian marketplace since 2007, when gold miner Franco-Nevada raised C$1.3bn, and is only one of a handful of IPO’s completed in Canada YTD.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Capital Without Representation

June 30, 2009

Analysis of:Green groups to sue over RBS investments | www.ft.com

Very tricky investing when it comes to buying stock which can be revalued by the adjustment of the underlying security asset. Buying stock in a bank holding company is similar to buying options. Various issues develop from the government nationalization of previously held assets by the private sector. Obviously the first issue is the principal stripping (inevitable price valuation destruction), and the second issue is becoming; which controls are available to the existing private sector holders (those in at the beginning) and those new government (government of the people by the people) holders.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

What is, is - Redux

June 25, 2009

Analysis of:congress grills bernanke on bofa/merrill deal | www.reuters.com

Currently the U.S. Government is interrogating and receiving testimony from Mr. Bernanke. The overriding theme of the interrogation (which is BofA) has been obfuscated once again by semantics and Bill Clinton era speak.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

BlackRock manages the planet's equity

June 23, 2009

Analysis of:Barclays accepts BlackRock's BGI bid | uk.reuters.com

U.S. fund manager BlackRock with various origination ties to U.S. banking and U.S. government asset management; reaches across the pond and expands its horizons.

James McMahonPresidentJM Bear Advisors

Is Real Estate Inventory Finding or Hitting a Bottom?

June 10, 2009

Analysis of:Consulting Management Platform | news.glgroup.com

1. Does the data from several sources indicate that housing inventory is hitting bottom. 2. What is driving the current market conditions 3. What will drive the market to react from a negative or positive nature

James McMahonPresidentJM Bear Advisors

Residential Mortgage Rates Fall Again This Week....Does it Matter ?? What Is the Tipping Point?

May 25, 2009

Analysis of:Consulting Management Platform | news.glgroup.com

This week we saw residential mortgage rates fall even lower for almost all loan programs. However, the question needs to be asked..Does it really matter at this point in time. If rates dropped into the 300 basis point range would there be a rush by the public to buy new or exiting housing stock?

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