A whole new game

Whole loan sales have become an important part of the UK mortgage market, driven partly by increased investor demand for residential mortgage-backed securities and the entry of investment banks into the sector. Rachel Wolcott reports


Whole loan sales and trading has formed the backbone of the US mortgage market for years, with the first deals surfacing in the late 1940s. Until recently, it remained largely a US phenomenon - but that is now changing. Whole loan sales is gaining traction in the UK, as lenders seek to diversify their funding beyond securitisation and bank capital or, in the case of building societies, deposits.

Mortgage portfolio trading has been practised quietly in the UK among building societies for at least

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