View more on these topics

Finegold to close US sub-prime fund

Kensington Mortgages founder Martin Finegold has closed a £450m fund invested in US sub-prime mortgage debt as a result of the US sub-prime crisis.

Finegold, who is also the former chief executive officer of Trigold, set up London fund manager Cambridge Place with Goldman Sachs banker Robert Kramer in 2002.

One of its funds, called Caliber Global Investment, has now been closed and its assets will be sold after it suffered a net loss of $8.8m in Q1 in the US.

According to Wright Reports, an investor service, Caliber Global Investment’s objective is to preserve capital and provide stable returns to shareholders, both in the form of dividends and capital growth.

It invests in residential mortgage-backed securities and commercial mortgage-backed securities, and invests in companies and issuers which are exposed to or undertake mortgage and/or credit activities, interests in real estate and synthetic securities.


MPLC takes flak for fees and services

Mortgages PLC has come under fire for hitting packagers and brokers with a double whammy of poor service and slashed proc fees.Earlier this month, the lender admitted that economic conditions had forced it to slash its proc fees for both appointed representatives and directly authorised brokers.Although the reduction for ARs varies across introducers, DA firms […]

Gummer sparks controversy at the AFB dinner

John Gummer MP, chairman of the Association of Finance Brokers, has controversially compared the selling of financial products to the slave trade.Speaking at inaugural AFB Annual Dinner last night, Gummer was greeted with cheers from the crowd when he said firms should not be blamed for errors they had made in the past, as standards […]

GMAC closes securitisation deal

GMAC-RFC has closed its first securitisation for 2007 on June 27 2007, valued at £525m through its RMAC Securities Plc No.1 shelf. This is GMAC-RFC’s 26th transaction in the UK RMBS market, and total issuance since 1998 exceeds £16bn.The transaction is backed by 100% first lien, sub-prime mortgages and has been divided into eleven tranches […]

Beacon appoints finance director

Beacon Homeloans has appointed Steve Barry as finance and risk director.Previously Barry was a partner with a private equity fund focussed on financial services. He has 15 years experience working in financial services, specialising in credit risk and finance.Andrew Townsend, managing director of Beacon Group, says: “I am delighted to announce Barry’s appointment, he has […]


News and expert analysis straight to your inbox

Sign up