Credit deterioration is slowing in broadly syndicated CLOs – but a large percentage of deals are still failing certain performance tests under the weight of underlying asset downgrades and lower payment flows from obligors.
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On the heels of its first CLO transaction this year, Western Asset Management is back in the market with a $355.72 million private-label RMBS offering in which a tenth of the borrowers have been granted forbearance.
June 23 -
Vista Point Mortgage is aggregating a collection of mostly non-conforming mortgages that it acquired from several originators.
June 23 -
Whatever path Fannie Mae and Freddie Mac take, the Mortgage Bankers Association would like to see them preserve many of the changes they made while in government conservatorship.
June 23
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The Consumer Financial Protection Bureau plans to change the definition of what constitutes a qualified mortgage from a 43% debt-to-income limit to a price-based threshold, and further extend a temporary exemption given to Fannie Mae and Freddie Mac.
June 22
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Longstanding CLO manager Western Asset Management just priced its first deal of 2020, and despite the transaction's much more conservative structure, spreads doubled from its deal a year earlier.
June 22
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Sunnova Energy in Houston plans to issue $158 million in asset-backed securities (ABS), its second term ABS securitization that relies on investors trusting its solar-loan-origination acumen, rather than its loan history.
June 22
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A survey of 177 fund managers and institutional investors shows investors are still "jumping in", particularly in higher-rated tranches that continue to perform.
June 22
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The agencies said late Friday that they will provide information on small businesses that received $150,000 or more from the Paycheck Protection Program.
June 19
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Activity in the Paycheck Protection Program has waned, but some argue that many small businesses, especially those owned by minorities, will miss out if the June 30 application deadline isn't extended.
June 19
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Compared with the week prior, approximately 57,000 fewer loans from all investor types were forborne.
June 19
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Potential sales last month rose compared with April as homes became more affordable due to low mortgage rates.
June 18
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S&P lowered the ratings on 23 tranches of notes in the deals, affirmed eight others, and kept the other 40 notes on watch for potential downgrade. Twenty of the downgraded notes are on notice for potential future downgrades, as well.
June 18
