Dutch Mortgage Company able to take on €1bn in new commitments

first_imgThe Dutch Mortgage Funding Company (DMFCO) has said it can accommodate at least €1bn in additional investments in residential mortgages next year as demand surges.Since the DMFCO launched its Munt Hypotheken product a year ago, the asset manager had received €5bn in commitments, €3bn of which has been issued as mortgages, according to Marieke Hut, partner and director of business development.She said the DMFCO expected to issue at least another €3bn of mortgages in 2016.To date, seven Dutch pension funds, including PGB and the large metal schemes PME and PMT, have made commitments, ranging from €100m to €2bn. According to Hut, the DMFCO is currently in talks with a number of other pension funds keen to participate in the Dutch mortgage fund.She attributed Dutch schemes’ interest in the DMFCO’s proposition partly to its “extensive governance and low cost”.“We involve our clients closely in our policy, and we can keep costs low, as we are a young and efficient organisation,” she said.“Moreover, we are independent and focus solely on mortgages.”She said the DMFCO’s Dutch mortgage fund was currently providing 200 basis points of additional returns relative to government bonds.She also confirmed that the fund would continue to focus on Dutch pension funds, “as we have developed our proposition together with our first clients”.This means, for example, that the vehicle will target long-term mortgages with a fixed rate.“Having only pension funds as like-minded investors also allows us to be flexible,” Hut said.Most of the participating pension funds have increased their commitments considerably, with PMT and PGB doubling their initial investments to €2bn and €1bn, respectively.Hut said investor demand had increased much faster than the DMFCO expected, and that it now anticipated a total committed amount of approximately €10bn by the end of 2017.The DMFCO estimates the annual market for Dutch mortgage investments in the Netherlands at €60bn.It said it expected institutional investors to play an increasingly important role in the Dutch real estate market, as banks became more reluctant to issue mortgages.last_img read more

Mason City woman pleads guilty to federal charges of stealing drugs from patients

first_imgMASON CITY — A Mason City woman accused of federal charges of stealing drugs and illegally accessing patient information has pleaded guilty.32-year-old Samantha Rogers pleaded guilty on Monday in US District Court in Cedar Rapids to the charges of acquiring a controlled substance by fraud, wrongfully obtaining health information for personal gain, and making false statements related to health care manners. Federal authorities say the charges stemmed from activity between October of 2017 and May of last year.According to the criminal complaint, Rogers was fired in January 2017 from the IOOF home after allegedly being caught on video taking prescription pills from the purse of another employee. She continued to be employed at Mercy-North Iowa when a nursing aide reported pain pills missing from her purse in May 2017.Rogers then was accused of accessing patient records after being hired to work at Northern Iowa Therapy in Waverly in September 2017 in attempts to obtain or steal prescription medication. She’s suspected of taking a patient’s unused Percocet and of breaking into another patient’s home in Forest City in a search for drugs.No sentencing date has been scheduled.last_img read more