Court documents obtained by 9fin shed new light on the schemes allegedly used by Paresh Raja, the director of collapsed UK bridging lender Market Financial Solutions, to defraud institutional and high-net-worth funders — including loans to companies secretly controlled by Raja, forged loan documents, and double-pledged collateral.

13 Mar 2026

| Europe

Excess Spread — Vibes v code, CAULIFLOWER

Market Wraps

ABF

Excess Spread — Vibes v code, CAULIFLOWER

9fin | The investment banks exposed to MFS aren’t saying much, but institutions that weren’t have some stories. Asif Godall, formerly CIO of Cairn Capital (Polus), latterly head of EMEA markets at Mizuho, gave a long account of his engagement with MFS.

JP Morgan attempts to make markets on private credit secondaries amid software selloff

JP Morgan is attempting to reignite interest in private credit secondaries as the threat of new AI tools stirs unease in public markets, according to 9fin sources.

Post-LME blockers pave the way to Cumulus Media’s Chapter 11

Cumulus Media filed for Chapter 11 protection, less than two years after completing an LME that was supported by a large majority of its existing debtholders. The post-LME exchanged debt is a case study in LME blocking mechanics.

Senate bill spells trouble for $50bn+ SFR RMBS market

The 21st Century ROAD to Housing Act is already having a dampening effect on private real estate, 9fin reports.

10 Mar 2026

| Europe

| US

Excess Spread — Sprint!, bank treasuries inbound, hold up

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Forged docs, double-pledging and misappropriation of funds… MFS allegations pile up

Excess Spread — Vibes v code, CAULIFLOWER

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Post-LME blockers pave the way to Cumulus Media’s Chapter 11

Senate bill spells trouble for $50bn+ SFR RMBS market