Secondary Mortgage Market

Nobody wants to talk about climate change and real estate in the same breath, so let me be the one to do it.

Spend a week reading the housing market headlines and you'll come away sure the floor is about to give out. Turmoil, rates, buyers on strike, a correction waiting in the wings.

While national debt and rates are rising, over decades of resolving distressed real estate, I'm seeing a whole set of these currents start to converge.

I've spent my career in real estate debt and distress, so manufactured housing was never really on my radar. Then I learned a bit about the wealth it's building that caught me off guard.

There aren't enough homes. Drive the neighborhoods instead of reading about them, and the housing shortage myth starts coming apart in your hands.

Private credit didn’t grow because it was safe. It grew because the banks stepped back from risk after the global financial crisis. That capital gap had to be filled and it arrived by the trillion.

The private credit market is sophisticated, regulated, fast-moving ecosystem. If it isn't already part of how you think about funding, this is a good place to start.

Negotiating distressed commercial real estate without understanding which version of "lender" you're dealing with, you're not negotiating, you're guessing.

A new paper from Brian Shearer argues P&C insurance premiums are over $100 billion too expensive and raises a question every creditor should be asking.

There's a quiet disconnect happening in a lot of portfolios right now. The numbers look fine on paper, but something feels off. The relationship between inflation and wealth are moving against [...]