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TPG Angelo Gordon Says Home Equity Is $2T Opportunity

The starting point is ‘much, much, much better’ than during the disaster of the Great Recession.

By Erik Sherman | December 03, 2024 at 05:52 AM

The surge in residential real estate has left many people with far more assets compared with banks. Often the properties are well paid down from original low-interest mortgage balances. Some entities like TPG Angelo Gordon hunger for the possibilities.

“Traditionally you would refinance your first [mortgage] and take some cash out,” said TJ Durkin, head of structured credit and financing at TPG Angelo Gordon, in an interview on Bloomberg’s Credit Edge podcast. But he said the “math doesn’t make any sense today” because of the difference between the original mortgage rates millions of homeowners have been under and the current relatively inflated rates.

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