For “subprime”, read “non-prime”.
Yield-hungry investors are ready to endorse a revival of bonds backed by riskier US residential mortgages, as lenders warm to housebuyers who do not meet strict borrowing guidelines introduced after the financial crisis.
But the now toxic label of “subprime” mortgages has been dropped. Instead, Angel Oak Capital is in the process of pricing a deal for a bond offering of “non-prime mortgages” — a term funds are using to describe mortgages that do not meet government standards.
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