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How could this possibly go wrong?
The stench of home mortgage securities won't ever leave my mind.
Real estate securitization marks ‘the beginning of a new asset class,’ Point CEO says
Wed, January 26, 2022, 4:02 PM
PALO ALTO, Calif. and MILL VALLEY, Calif., Oct. 12, 2021 /PRNewswire/ -- Point, a leading financial technology platform that allows homeowners to unlock home equity wealth, and Redwood Trust, Inc. (NYSE: RWT), a leader in expanding access to housing for homebuyers and renters, today announced they have completed the first ever securitization backed entirely by residential Home Equity Investment ("HEI") agreements, issuing approximately $146 million of asset backed securities. The transaction, Point Securitization Trust 2021-1, closed on September 23, 2021. Co-sponsoring the transaction with a subsidiary of Redwood, Point was the originator of all the HEIs in the securitization and will continue to service the assets.
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"Homeowners across the country are turning to Home Equity Investments ("HEIs") in record numbers to unlock more than $20 trillion in illiquid wealth tied up in their homes," said Eddie Lim, co-founder and CEO of Point. "This first-of-its-kind securitization is a testament to the investments we've made in Point's technology platform, homeowner education, and seamless execution. By providing liquidity to existing investors and access to HEIs for new investors, the securitization will be instrumental in making it possible for Point to help more homeowners improve their financial health."...
Wed, January 26, 2022, 4:02 PM
PALO ALTO, Calif. and MILL VALLEY, Calif., Oct. 12, 2021 /PRNewswire/ -- Point, a leading financial technology platform that allows homeowners to unlock home equity wealth, and Redwood Trust, Inc. (NYSE: RWT), a leader in expanding access to housing for homebuyers and renters, today announced they have completed the first ever securitization backed entirely by residential Home Equity Investment ("HEI") agreements, issuing approximately $146 million of asset backed securities. The transaction, Point Securitization Trust 2021-1, closed on September 23, 2021. Co-sponsoring the transaction with a subsidiary of Redwood, Point was the originator of all the HEIs in the securitization and will continue to service the assets.
...
"Homeowners across the country are turning to Home Equity Investments ("HEIs") in record numbers to unlock more than $20 trillion in illiquid wealth tied up in their homes," said Eddie Lim, co-founder and CEO of Point. "This first-of-its-kind securitization is a testament to the investments we've made in Point's technology platform, homeowner education, and seamless execution. By providing liquidity to existing investors and access to HEIs for new investors, the securitization will be instrumental in making it possible for Point to help more homeowners improve their financial health."...
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