The original $436.5 million whole-business securitization deal that closed in May 2018 has already been downgraded twice, due in large part to dueling lawsuits between ousted founder Harvey Franco and Australia-based Macquarie over the past year.
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According to presale reports, the fixed-rate loan collateral in Angel Oak Mortgage Trust 2019-5 makes up 77.8% of the new collateral, compared to just 35.5% in Angel Oak’s previous deal that priced in July.
October 16
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While demand is strong and loan performance generally remains solid, the prevalence of longer loan terms has sparked concern that losses will eventually spike.
October 16
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CFPB Director Kathy Kraninger faced a barrage of questions from Democrats on the House Financial Services Committee over why the agency has not demanded refunds for consumers in recent settlements.
October 16
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Executives sent a letter to the federal banking regulators last month expressing concern that an alternative to the London interbank offered rate could limit credit availability.
October 16
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The $50.4 million participation is the largest loan in UBS' next $807.3 million commercial mortgage securitization.
October 15
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A list of upcoming cases published by the high court did not include a challenge to the bureau's constitutionality, but the justices could still decide to review it at a later date.
October 15
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RESIMAC Bastille Trust RESIMAC Series 2019-1NC is an Australian-dollar (AUD) $1 billion transaction (approximately US$674.5 million) that will feature a US$250 million Class A-1 tranche of notes, according to Fitch.
October 15
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Raptor Aircraft Finance I Ltd. is a transaction backed by a portfolio of 16 narrow-body and three wide-body aircraft – all of which are relatively young planes with an average age of 3.92 years.
October 15
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Freddie Mac is postponing the date it will make using its Servicing Gateway platform mandatory, and adding new requirements related to chargeoffs and interactions with document custodians.
October 11
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As apps like Uber and Lyft gain more traction, the need for new cars — and loans — is expected to diminish.
October 11
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Kroll Bond Rating Agency has tracked rising levels of annualized net losses in marketplace-loan securitizations except for, ironically, the riskiest pools it tracks from unsecured subprime lenders: both losses and delinquencies for subprime lenders' outstanding securitizations have fallen from September 2018 levels.
October 11
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The company has rolled out an online platform for firms considering marketplace loans as an asset class.
October 10
