The notes, which are rated by DBRS, are backed by a mix of products to borrowers with weak credit; the pool of collateral will revolve over the first two years of the transaction.
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A ruling involving a Cleveland law firm casts doubt on CFPB claims that attorneys misrepresent their role to consumers.
July 27
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Recent documentation tweaks that afford "excessive amounts of flexibility" to CLO managers can introduce "material, and even unquantifiable, risks" into transactions, according to the rating agency.
July 27
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A $333 million first mortgage on the Palmer House Hilton, a 24-story building with 1,641 guestrooms in Chicago’s central business district, is being securitized by JPMorgan Chase.
July 27
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The credit quality of the initial collateral pool is similar to that of United Auto Credit Corp.'s previous transaction, but the performance of the lender's managed portfolio of subprime loans is improving.
July 26
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Just 5.1% of the $91 million of liens backing the transaction are vacant, down from 9.2% of the prior deal; this allowed the sponsor to borrower more heavily against the value of hte collateral.
July 26
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Whoever succeeds current Director Mel Watt will have a front-and-center role in efforts to reform Fannie Mae and Freddie Mac.
July 26
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Some collateral attributes, such as non-full documentation and a high percentage of non-QM and HPQM loans, fall slightly outside the credit box seen in other recent prime transactions, according to Fitch.
July 26
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Jack Remondi issued a direct call Wednesday for the agency to drop its lawsuit against the student loan servicer. “You’ve had five years to look for your evidence, you’ve found none,” he said.
July 25
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The amount of loans cherry picked by the likes of SoFi and CommonBond fell by 3%, to $221 million; just as well, since Sallie Mae's grad school loans are off to a slow start.
July 25
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Redwood Trust has priced a new stock offering that is aimed at increasing funding to new initiatives like investments in the single-family rental and multifamily sectors as well as routine business.
July 25
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A $100.3 million sliver of the $1.7 billion loan is being used as collateral for a conduit securitization called Benchmark 2018-B5 Mortgage Trust, according to DBRS. It represents 9.9% of the $1.04 billion transaction.
July 25
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Should cash flow for subordinate classes fall short, a debt-service coverage ratio trigger would defer interest payments and prevent a default event.
July 24
