Should cash flow for subordinate classes fall short, a debt-service coverage ratio trigger would defer interest payments and prevent a default event.
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Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary.
August 20
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New investor appetite for mortgages over $1 million is motivating more nonbank lenders to offer super jumbo loans, often with weaker credit terms than traditional banks.
August 20
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The expiration of Annaly Capital Management's offer to purchase MTGE Investment Corp. was delayed until Sept. 7 so the two real estate investment trusts have more time to satisfy deal conditions.
August 20
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SUVs account for 41.3% of receivables backing HAROT 2018-3; that's up from 37.9% of Honda's prior deal and the first time exposure has increased since early 2017.
August 18
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Similar to the sponsor's prior transaction, however, the collateral includes a large portion of loans underwritten using bank statements to verify borrower income: 49%.
August 17
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Rep. Emanuel Cleaver, D-Mo., released a survey of lending practices that he said point to practices such as forced arbitration clauses and extracting a customer’s credit score to determine creditworthiness.
August 17
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Once refinanced, the $406 million Park Avenue Institutional Advisors CLO 2016-1 will be non-callable for two years and can be actively managed for up to five years.
August 17
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MountainView Financial Solutions is brokering a more than $3 billion package of Fannie Mae and government mortgage servicing rights originated primarily through third-party origination channels.
August 17
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The $449.2 million Carlyle Direct Lending CLO 2015-1R is the 11th deal the global alternative asset manager has refinanced this year.
August 16
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Partly for this reason, Kroll expects losses on the transaction, PMIT 2018-2, to reach just 12.4% over the life of the deal, down from 13.4% for the previous transaction.
August 16
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The new policy, meant to assist borrowers in Puerto Rico and the U.S. Virgin Islands, will let servicers evaluate borrowers using pre-disaster payment information.
August 16
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CCG Receivables Trust 2018-2 is backed by $257.7 million of loans and leases, 9.9% of them on machine tools, up from 4.93% in the sponsor’s previous deal,
August 16
