the loan orrigination market is getting more competitive
A number of players have raised funds and are going after the commercial orrigination as interest margins in agencies and lower risk plays were crushed. This ma y impact RAS going forward. I'm thinking of statements by the folks at MMAB and at Pennymac and nly's purchase of cxs. Also interesting to see bx ramping up ct as a commercial origination vehicle.
I guarantee you that AIG will not be origination loans in the 5 to 15 million range. They also will not be in the bridge loan business. They might lend in the 50 to 100 million range or buy certain tranches of CMOs. RAS market positioning is actually quite good. The big guys that have money and are healthy don't want to do little stuff. Most of the little banks that could do the deal size RAS is looking for are either unhealthy, don't want to lend, or want 50 to 60 percent loan to value (ie great deals).