Mortgage REITs
Whole Loan Capital has significant experience with the development, formation, management, and strategy of residential mortgage REITs.
David Akre, Whole Loan Capital's founding Principal, has 28 years of experience in residential lending, loan trading, residential portfolio management, and capital markets, which includes 13 years of experience in whole loan investments and management in two mortgage REITs, Thornburg Mortgage and New York Mortgage Trust.
Mr. Akre was hired by Thornburg Mortgage in 1997 to start their whole loan purchase and investment strategy. In 2003 Mr. Akre co-founded New York Mortgage Trust, the first "active" mortgage REIT. New York Mortgage Trust operated a retail mortgage banking business and was thus able to create its own REIT portfolio investments, a model that is being recreated today on a much larger scale.
The Federal Housing Finance Agency's stated desire to shrink Fannie Mae and Freddie Mac and regulatory and legacy issues impacting the large depository lenders have create unparalleled opportunity for private capital to fill in an ever growing need in the primary and secondary mortgage markets.
In 2011 we prepared a Mortgage REIT Primer, which included analysis and commentary on the REIT landscape, most of which is relevant today. http://www.wholeloans.com/images/Mortgage_REIT_Primer_Analysis_Final_4-11.pdf