Mortgage applications decreased 4.8% from one week earlier, as refinance activity was down even as average rates fell to a new record low, according to the Mortgage Bankers Association.
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Lenders’ loan modifications have temporarily reduced the delinquency rate of loans in CMBS deals for the second month in a row, according to Moody’s Investors Service, but the temporary nature remains cause for concern.
October 16
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Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 9-15
October 16
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As financial distress mounted, 12.4% of mortgagors missed payments across the second and third quarters of 2020 — and it could get worse, according to a study from the Mortgage Bankers Association.
October 16
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NYL Investors’ $400 million Flatiron CLO 20 incorporates increasingly common provisions giving it more flexibility in today’s uncertain credit environment.
October 16 -
PPM Loan Management Company's new CLO has an expected triple-A spread of 142 basis points.
October 16
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Barings LLC is back in the market with the $319 million Barings CLO 2020-II deal that provides higher credit enhancement on the top rated tranches than the Barings CLO 2020-I, its first CLO this year that was completed in September.
October 15 -
Completing in September its first floorplan ABS deal for 2020, GM Financial is approaching the market again, this time with a $924.9 million deal that carries an identical structure and credit enhancement to the earlier transaction.
October 15
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Credit Acceptance Corp. is pursuing its third senior-subordinate auto-loan securitization of 2020, providing investors with bonds backed by risky collateral as well as a long and successful track record issuing asset-backed securities.
October 15
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Just a week after commenting that the bottom on mortgage rates was possibly reached, Freddie Mac reported that they fell 6 basis points to another record low.
October 15
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Defaults have been milder than expected thanks to government relief and stricter underwriting. But with the crisis dragging on and policymakers unable to agree on a stimulus plan, loans to highly indebted companies remain at risk.
October 15
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Credit portfolio manager’s outlook on corporate borrower defaults and spreads on their loans, while still gloomy, has improved somewhat as the pandemic continues.
October 15
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For investors seeking rich yields, mortgage-insurance provider Radian Guaranty is approaching the market with a $488 million transaction that is offering greater credit enhancement than a similarly structured deal earlier this year, pre-pandemic.
October 14
