Sub-prime time
It's all the rage for investment banks to have UK sub-prime mortgage lending businesses. The reason? To help the banks' securitisation desks source a wider array of assets for mortgage-backed securities deals. By Duncan Wood
When Morgan Stanley announced the acquisition of Advantage Home Loans in December, it became the fourth US investment bank in three years to grab a piece of the UK's sub-prime mortgage market.
It may seem an odd marriage – people with spotty credit histories are unusual bedfellows for investment banks. But the acquisitions are not necessarily driven by a desire to be a major force in the UK retail
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