Banks are among the institutions taking advantage of a hot housing market by shedding mortgage risk with a new kind of bond. The bond shares the risk of mortgage and loan default with institutional investors. The bonds are backed by short-term loans made from banks to mortgage lenders, according to the Wall Street Journal. When people borrowing from those lenders default, bond investors essentially cover the loss. Banks are raising capital with the bonds —
The post Rise in home prices frees banks to offload mortgage risk appeared first on The Real Deal New York.
In one of its biggest acquisitions ever, CBRE is paying $1.3 billion for a majority stake project manager Turner & Townsend. The world’s biggest commercial real estate services firm is acquiring 60 percent of the London-based company. The acquisition is expected to close in the fourth quarter, according to the Wall Street Journal and a press release, with Turner & Townsend’s leadership team remaining in place and retaining a 40 percent stake. The impetus for
The post CBRE pays $1.3B for 60% stake in London-based project manager appeared first on The Real Deal New York.