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Mortgage firm investors can't recover under Lloyd's excess D&O policy

Between 2003 and 2007, QHL had engaged in the real estate mortgage brokerage business, focusing on real estate financing for borrowers “who would normally be considered in the industry to be high risk individuals,” according to court papers.

It funded its financing by raising money, then using its capital to either sell mortgage loans or issue bond financing deals in the secondary market through Roseville, California-based Countrywide Home Mortgage. 

Its insurance coverage included a $5 million Lloyd’s excess D&O policy, according to the court papers.

QHL and the investment vehicles filed for bankruptcy in 2007, and a settlement was eventually approved by the bankruptcy court.

The investors then filed suit in U.S. District Court in Los Angeles seeking access to the Lloyd’s policy. A unanimous three-judge appellate court panel upheld the lower court in ruling the investors were not entitled to coverage under the policy.

“The excess policy unambiguously requires exhaustion of underlying policy limits,” said the panel.

Western Asset Mortgage Capital Corp (NYSE:WMC) Institutional Investor Sentiment Analysis

--> Western Asset Mortgage Capital Corp (NYSE:WMC) Institutional Investor Sentiment Analysis

April 2, 2018 - By Adrian Erickson

Sentiment for Western Asset Mortgage Capital Corp (NYSE:WMC)

Western Asset Mortgage Capital Corp (NYSE:WMC) institutional sentiment decreased to 0.94 in Q4 2017 . Its down -0.77, from 1.71 in 2017Q3. The ratio dived, as 33 institutional investors started new or increased positions, while 35 sold and trimmed stakes in Western Asset Mortgage Capital Corp. The institutional investors in our partner’s database now possess: 16.29 million shares, up from 16.14 million shares in 2017Q3. Also, the number of institutional investors holding Western Asset Mortgage Capital Corp in their top 10 positions was flat from 0 to 0 for the same number . Sold All: 10 Reduced: 25 Increased: 21 New Position: 12.

Western Asset Mortgage Capital Corporation operates as a real estate investment trust in the United States. The company has market cap of $405.40 million. It primarily focuses on investing in, financing, and managing a portfolio of agency and non-agency residential mortgage-backed securities and commercial mortgage-backed securities, residential whole-loans, and other financial assets. It has a 4.78 P/E ratio. The firm qualifies as a real estate investment trust for federal income tax purposes.

mortgage company is a company that borrows money from a bank, lends it to investors, isn't it?

I just wonder about its capital:all the money a mortgage company uses to lend is from banks?

No, some "mortgage companies" fund their own loans.