Fund backing New Beginning plan nears first mortgage deal
Arizun, the fund backing mortgage advocacy group New Beginning, is aiming to do a deal to buy its first tranche of distressed mortgage loans within weeks.
Arizun, which came to prominence following a data breach at New Beginning last week, said it had confirmed a €2 billion institutional investor-backed bond that it plans to use to buy distressed mortgage loans from banks.
Its ethos is to acquire around 15,000 loans and agree buyback arrangements with homeowners...
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