Secondary Mortgage Market

If you're in note investing, the ground under your deals is shifting, and not where the headlines are pointing.

Acquisition gives banks, credit unions, and mortgage lenders access to specialized default servicing built to recover insured reimbursements before missed deadlines turn them into permanent losses.

Private credit has looked untouchable for years. Easy money, rising values, and defaults that stayed conveniently out of view.

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.