hman sells mortgage conduit
September 6, 1999
Swedish securitization boutique hman sold its Bokredit mortgage conduit to Danish bank Den Danske Bank in August, according to Fredrick Mansson, hman's head of securitization. The conduit was established four years ago to originate single
family mortgages and use securitization as a funding source. Mortgages were originated through a marketing agreement with Svenske Post via some 250 branches throughout Sweden.
The Danes bought Bokredit to gain access to a program for continuous securitization and to get their hands on computer systems for the automated underwriting of mortgages suitable for securitization. In the transaction, Den Danske Bank, which is one of Scandinavia's largest banks, also acquired the servicing rights to Bokredit's mortgage portfolio of around SEK2 billion ($245 million).