The $1 billion DRIVE 2019-2 is backed by loans with slightly weaker credit metrics than the lender's prior deal, forcing it to increase credit enhancement.
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The captive-finance lender's focus on higher-FICO borrowers since 2016 has "manifested" in ABS loss and delinquency improvements.
March 29
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Freddie Mac exchanged existing bonds from its portfolio for mirror certificates for the first time, completing a key test that is central to the creation of a uniform mortgage-backed security.
March 28
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The Federal Housing Finance Agency is planning on finalizing its proposed capital requirements for the government-sponsored enterprises this summer, the agency's acting director said Wednesday.
March 28
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After spinning off its infrastructure-related businesses in November, it is more focused on rail manufacturing and leasing; the new deal is backed by 7% of its fleet.
March 27
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While reinsurers are becoming more comfortable with the risk it is offloading, the GSE wants to maintain control of the workout process for loans that go bad.
March 27
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The Federal Housing Finance Agency, by allowing Fannie Mae and Freddie Mac to split the CEO and president positions, let the companies dodge a congressionally mandated cap on executive salaries, the regulator's inspector general said.
March 27
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Assemblywoman Monique Limon is in the “early stages” of exploring how to create a state-level Consumer Financial Protection Bureau as part of a broader push for more consumer protection for state residents.
March 27
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Hugh Frater loses the "interim" title, taking full control of the government-sponsored enterprise as Congress begins debating (again) the future of Fannie as well as Freddie Mac.
March 27
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Ares' transaction priced at spreads similar to its prior deal in February but wide of its initial 2019 transaction in January; Golub beat the spread of its prior BSL CLO, in February.
March 27 -
Depending on market conditions and demand from whole loan buyers, it could fund 25% to 35% of fix-and-flip loans through deals like the $219 million one it just completed.
March 26
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Origination is on the rise, but the Los Gatos, California company likes having the flexibility to come to market frequently with smaller deals.
March 26
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Lawmakers still have a long way to go before enacting housing finance reform, but the testimony could signal how future legislative talks will play out.
March 26
