Nonbank lenders now dominate the US mortgage market for loans to low-income families guaranteed by the federal government. They are heavily reliant on short-term funding and have only a slim cushion to weather a shock.
A value investor usually requires a substantial price discount at the company’s intrinsic value. But the latter exceeds the mere accounting value of its tangible assets.
A quarterly look at data and topics in the syndicated loan market.
Green shoots of a global mini-cycle recovery have encouraged stronger risk appetite and a benign forward outlook.