Ranieri to raise $1 billion for mortgages
Selene Residential Mortgage Opportunity Fund is looking to raise $1 billion to purchase residential mortgages.
Selene Residential Mortgage Opportunity Fund LP, from Selene Investment Partners of Uniondale, N.Y., is looking to raise $1 billion to purchase residential mortgages, according to a Bloomberg report.
The fund has already raised $151 million from investors in New York, Ohio and Pennsylvania as of April 15, according to a filing with the Securities and Exchange Commission.
Lewis Ranieri, a former vice chairman at Salomon Brothers Inc. of New York, is among the fund’s managing partners, as are former executives from GMAC LLC of Detroit, the consumer finance company sold by General Motors Corp. of Detroit in 2006 to a private equity group.
“Our plan is to raise $1 billion and buy delinquent mortgages that we will recast and refinance and try to keep the borrower in the house without a foreclosure,” said David Creamer, a Selene managing partner and former GMAC executive.
Earlier this week, Mr. Ranieri was appointed interim chief executive at Franklin Bank Corp. of Houston, where he is also the chairman.
He replaced Anthony Nocella after an internal investigation uncovered a variety of accounting errors related to mortgage loans.
Learn more about reprints and licensing for this article.
