As surfers say, “Its not the shark you see that is the problem.”http://fanniemae.com/portal/funding-the-market/npl/index.htmlhttp://www.fanniemae.com/portal/about-us/media/financial-news/2015/6235.htmlhttp://www.housingwire.com/articles/37032-goldman-sachs-subsidiary-again-buys-non-performing-loans-from-fannie-maehttp://noteinvestor.com/buy-notes/billions-non-performing-notes-selling-2015/http://www.dsnews.com/news/02-10-2016/fannie-maes-largest-non-performing-loan-sale-ever-the-winners-arehttp://www.urban.org/sites/default/files/alfresco/publication-pdfs/2000568-Selling-HUD-s-Nonperforming-Loans-A-Win-Win-for-Borrowers-Investors-and-HUD.pdfhttp://www.dsnews.com/news/02-10-2016/fannie-maes-largest-non-performing-loan-sale-ever-the-winners-arehttp://www.tradingeconomics.com/united-states/housing-startshttp://www.freddiemac.com/npl/non_performing_loan_offerings.htmlhttp://www.housingwire.com/articles/37530-fannie-mae-announces-winners-of-non-performing-loans-sale

I wonder, if that's going to make some Chinese companies close their not-in-China subsidiaries .http://www.nytimes.com/2015/01/08/business/international/china-starts-enforcing-tax-law-for-citizens-working-abroad.html

Of course, the new LLC could be a subsidiary of the old one.

(i) The associated person restricts his participation to transactions involving offers and sales of securities:(A) To a registered broker or dealer; a registered investment company (or registered separate account); an insurance company; a bank; a savings and loan association; a trust company or similar institution supervised by a state or federal banking authority; or a trust for which a bank, a savings and loan association, a trust company, or a registered investment adviser either is the trustee or is authorized in writing to make investment decisions; or(B) That are exempted by reason of section 3(a)(7), 3(a)(9) or 3(a)(10) of the Securities Act of 1933 from the registration provisions of that Act; or(C) That are made pursuant to a plan or agreement submitted for the vote or consent of the security holders who will receive securities of the issuer in connection with a reclassification of securities of the issuer, a merger or consolidation or a similar plan of acquisition involving an exchange of securities, or a transfer of assets of any other person to the issuer in exchange for securities of the issuer; or(D) That are made pursuant to a bonus, profit-sharing, pension, retirement, thrift, savings, incentive, stock purchase, stock ownership, stock appreciation, stock option, dividend reinvestment or similar plan for employees of an issuer or a subsidiary of the issuer;(ii) The associated person meets all of the following conditions:(A) The associated person primarily performs, or is intended primarily to perform at the end of the offering, substantial duties for or on behalf of the issuer otherwise than in connection with transactions in securities; and(B) The associated person was not a broker or dealer, or an associated person of a broker or dealer, within the preceding 12 months; and(C) The associated person does not participate in selling an offering of securities for any issuer more than once every 12 months other than in reliance on paragraph (a)(4)(i) or (iii) of this section, except that for securities issued pursuant to rule 415 under the Securities Act of 1933, the 12 months shall begin with the last sale of any securityincluded within one rule 415 registration.

I'm thinking Trademark company with subsidiaries.

@Albert LimmTD, BMO and RBC will lend to Canadians through their U.S.A. subsidiaries ... and will do so based upon their Canadian  credit history and income.  

So much so that I bought ownership in a subsidiary.

I have a holding company created and will be working to move the subsidiary LLCs under the holding company. 

Those mega companies have many subsidiaries that install cell towers everywhere in the country.

Hi @Patrick Desjardins Granite is a subsidiary of a larger, well funded company.