October 2, 2023 | Premium Service | The Financial Times carried an important article Friday about UBS AG (UBS) subsidiary Credit Suisse unwinding its relationships with Apollo Global Management (APO). We explore the implications of this split for the world of secured finance and mortgage servicing rights (MSRs) in particular below. Always must read the Saturday press.
UBS is seeking to reassure investors that buying Credit Suisse isn’t going to land it in a similar morass of regulatory probes and scandals, the Wall Street Journal reports. Yet the US mortgage business of Credit Suisse may be another pain point that has been overlooked by investors and the media. Notice that the WSJ report never mentions the US mortgage business of UBS.