Vulture fund managers and âscratch and dentâ servicing specialists are still talking about American General Finance Corporationâs planned sale of $1.6 billion in non-prime whole loans to Credit Suisse which will issue securities backed by the liens. One investor noted that over the years AGFC had a reputation of paying cash for the whole loans it bought in the secondary market. (Some of the loans came from AGFCâs affiliate, Wilmington Finance.) Back in 2008 AGFC bought a $1 billion pool of non-prime loans from Banco Popular, noted one source, and overpaid for the product. The Banco Popular pool, as might be expected, hasnât performed all that well...
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