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RY - Royal Bank Of Canada News Story

C$88.03 5.1  6.2%

Last Trade - 26/05/20

Sector
Financials
Size
Large Cap
Market Cap £69.43bn
Enterprise Value £228.49bn
Revenue £27.74bn
Position in Universe 2nd / 2660

AG Mortgage seeks to prevent RBC from auctioning off mortgage debt

Wed 25th March, 2020 7:55pm
March 25 (Reuters) - AG Mortgage Investment Trust  MITT.N 
on Wednesday sought a court order to prevent Royal Bank of
Canada  RY.TO  (RBC) from auctioning off nearly $11 million of
commercial mortgage-backed securities that serve as collateral
for defacto loans to AG, according to a court filing.
    RBC, Canada's biggest lender, and other banks have taken
advantage of illiquidity due to a market selloff to mark down
these assets and "to trigger widespread margin calls," AG said
in a request for a temporary restraining order and injunction
filed in the U.S. Southern New York District Court.
    A RBC spokeswoman declined to comment.

 (Reporting By Nichola Saminather in Toronto and Brendan Pierson
in New York; Editing by Cynthia Osterman)
 ((Nichola.Saminather@thomsonreuters.com; +1-416-687-7604;))
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