trending Market Intelligence /marketintelligence/en/news-insights/trending/5PJ6-0PStCIEhXOfVc1m1w2 content esgSubNav
In This List

Five Oaks Investment to revise prime jumbo biz

Blog

Insight Weekly: Global stock performance; hydrogen pilot projects; Powell's Fed future unsure

Blog

How Financial Institutions are Managing Exposure to U.S. Municipals

Blog

Top 100 Banks: Capital Ratios Show Resilience to the Pandemic

Blog

Banking Essentials Newsletter: October Edition


Five Oaks Investment to revise prime jumbo biz

Five OaksInvestment Corp. will significantly revise its prime jumbobusiness, effective Aug. 1, given the continued unfavorable market conditionsfor the aggregation and securitization of mortgage loans and the continuedimplementation of its defensive strategy.

The company will no longer aggregate prime jumbo mortgageloans, nor maintain financing capacity to do so, and will effectsecuritizations off of its proprietary platform only on an opportunistic basisvia transactions where unit Five Oaks Acquisition Corp. can concurrently buyand sell loans.

Accordingly, Five Oaks Investment elected not to renew itsmaster repurchase agreement with Barclays Bank PLC as buyer. The agreement isits last remaining warehouse facility. The company instead determined that anextension of the facility until Oct. 1 in the amount of $25 million will beample for its currently expected loan financing needs. The agreement previouslyprovided for an aggregate maximum capacity of $150 million.