Arch's second CRT transaction this year to obtain indemnity reinsurance for mortgage-insurance premiums comes at a time it is also experiencing rising 60-plus-day delinquencies on its outstanding securitized pools.
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Some homeowners who sought relief as a result of COVID-19 may owe a lump sum when their forbearance period ends, according to a report from the Committee for Better Banks. The group is calling on banks to instead extend the repayment periods for affected customers.
September 22
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Market conditions allowed for a larger bond issuance, as well as interest rate pricing that was less than half that of the coupons the captive-finance lender offered investors from its prior May issuance of auto loan asset-backed securities.
September 22
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Commercial real estate companies are among those left out of the Federal Reserve’s middle-market relief program, but House members said they need government-backed financing to navigate the pandemic as much as anyone.
September 22![Fed Chairman Jerome Powell said the central bank had previously concluded that asset-based borrowers were able to secure financing elsewhere. Treasury Secretary Steven Mnuchin said “small hotels do not fit into [the Main Street Lending Program] because they already have other indebtedness.”](https://arizent.brightspotcdn.com/dims4/default/71a30be/2147483647/strip/true/crop/1600x900+0+0/resize/1280x720!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Fb3%2F79%2F3b1db6264efa9eab86e05b296afc%2Fpowell-jerome-mnuchin-steven-bl-092220.png)
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The percentage of borrowers who have asked to temporarily suspend payments due to coronavirus-related hardships is down overall, but in the Ginnie Mae market, they're still inching up.
September 21
- LIBOR
The restrictions on the pooling of loans with any interest term based on Libor will be effective for traditional mortgage-backed securities issued starting Jan. 21, 2021, and earlier for reverse-mortgage securitizations.
September 21
![Fed Chairman Jerome Powell said the central bank had previously concluded that asset-based borrowers were able to secure financing elsewhere. Treasury Secretary Steven Mnuchin said “small hotels do not fit into [the Main Street Lending Program] because they already have other indebtedness.”](https://arizent.brightspotcdn.com/dims4/default/39df247/2147483647/strip/true/crop/1600x900+0+0/resize/1440x810!/format/webp/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Fb3%2F79%2F3b1db6264efa9eab86e05b296afc%2Fpowell-jerome-mnuchin-steven-bl-092220.png)
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More defaults will lead to an increase in distressed sales, and that will drive down prices, CoreLogic said.
September 21
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Bondholders could see principal losses if, due to the way the documents are worded, the rate is frozen at the last published amount.
September 18
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The loans, which are not federally guaranteed, are refinancings of student-loan debt held by prime borrowers primarily with advanced medical degrees.
September 18
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The transaction will be the second corporate-fleet ABS deal to price this month, following Wheels Inc.'s $505 million transaction that closed Sept. 11.
September 18
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Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 11-17
September 17
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Banks reported decent loan growth in the spring and early summer as businesses rushed to draw down credit lines and tap the Paycheck Protection Program. But demand has been muted since, and bankers can only guess when it will pick back up.
September 17
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Mortgage rates remained relatively flat, rising a single basis point off of last week's record low, according to Freddie Mac.
September 17
