Monetary Matters with Jack Farley The State of Real Estate Credit | Rithm Capital's Satish Mansukhani on Mortgage Servicing, Commercial Real Estate, and Rithm's Asset Manager Acquisition Strategy
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Nov 16, 2025 Satish Mansukhani, managing director at Rithm Capital, shares his extensive expertise in mortgage servicing and asset-based finance. He explains the dynamics of real estate investing, emphasizing how direct control over assets can mitigate risks. The discussion dives into mortgage delinquencies post-pandemic, Rithm's strategy for acquiring commercial real estate, and the role of private credit in today's market. Satish also highlights the affordability issues in the housing market and the impact of supply constraints on recovery.
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Control Trumps Visibility In Credit
- Rhythm prioritizes control over mere visibility by owning and operating assets across origination, servicing, and special servicing.
- This vertical integration gives better predictive power and protection versus partners with limited access.
Pandemic Gains Mask Normalizing Delinquencies
- Pandemic stimulus raised household credit scores materially, masking later normalization in delinquencies.
- Rhythm sees delinquencies normalizing toward pre-pandemic levels concentrated among stretched borrowers.
Use Standardized Mortgage Modifications
- Use standardized modification playbooks to reduce foreclosures and preserve collateral value.
- Apply trial modifications, extend terms, or reduce coupons to rehabilitate borrowers before foreclosure.