Ford Motor Credit has emerged with a new issuance of auto-loan backed securities, joining a select group of prime auto ABS issuers confident in drawing in investors despite a gloomy, pandemic-afflicted outlook for the automotive industry.
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The economic contraction caused by the coronavirus pandemic has been worse than the Wall Street firm had modeled two months ago, its president John Waldron said Wednesday.
May 27
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The best outcome for creditors and ABS noteholders with approximately $6 billion in outstanding bonds is likely to be through a renewal of Hertz’s operations, rather than liquidation, according to analysis from the ratings agency.
May 27
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The coronavirus made it particularly tough for independent contractors and independent business owners to get home mortgages, but there are some signs that market may recover soon.
May 27
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Mortgage applications increased 2.7% from one week earlier, as purchase volume is now outpacing the prior year's activity, according to the Mortgage Bankers Association.
May 27
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Forecasts about the pandemic's impact on the mortgage market have grown less dire after forbearance requests by homeowners nearly leveled off in the first half of May.
May 26
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In a report issued Tuesday, the ratings agency notes that 1,287 companies as of April 28 faced prospects of potential debt and issuer downgrades, impacted by the coronavirus outbreak and a virtual shutdown of the global economy this spring.
May 26
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The bonds will finance the purchase of GSE-eligible loans for the revolving warehouse facility.
May 26
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Some cities saw drops in annual housing supply nearing 40% in early May, according to Zillow.
May 26
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Some observers wonder if proposed regulatory targets for Fannie Mae and Freddie Mac will stoke concerns about low shareholder returns. But others suggest those fears are unfounded.
May 25
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The templates are meant to make it easier to obtain agency approval for small-dollar loan products and to accommodate mortgage servicers that want to provide online loss mitigation options.
May 22
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Starwood Capital Group is adapting its RMBS strategy for COVID-19, most notably through additional protections for senior noteholders to mitigate the substantial number of deferred mortgage accounts included in its newly sponsored deal.
May 22
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Loans with coronavirus-related forbearance have to be reported as current to the credit bureaus but there’s a ripple effect from them that has implications for credit reports and underwriting.
May 22
