Home Partners of America distinguishes itself from other single-family home lessors by offering right-to-purchase options. But for the majority of properties in its new asset-backed deal – a recycling of homes pooled in its first securitization – the purchase option has been bypassed or expired.
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It's the sponsor's first transaction since risk retention rules took effect; proceeds from the new five-year and 10-year notes will be used to repay note issued from the master trust in 2010.
June 21
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The $470 million transaction has some features rarely seen now that the market for bridge loan securitization has been rehabilitated, including a "blind ramp" and a "blind reinvestment" period.
June 21
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Courts have validated the legal theory behind punishing lenders for unintentional discrimination, but the Trump administration has shown interest in revising the Obama-era policy.
June 20
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Adding to the layering of risks, the majority of the loans (84%) originally paid only interest, and no principal, at the time of origination; however, all 506 loans have passed their initial, fixed-rate period, eliminating some potential for reset shock.
June 20
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Ginnie Mae is looking to start a pilot program to securitize digital mortgages as early as 2019, but issuers would not be able to commingle loans using traditional paper files in those deals.
June 20
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It's another example of what appears to be tailoring tranches to meet the tenor and yield requirements of specific investors; the deal, GMS Euro CLO 2014-1, was also upsized to €508 million from €368.3 million originally.
June 20
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LTC Global is one of the market leaders in a "relatively new" esoteric asset class of acquiring and financing insurance commission assets of life and healthcare insurance products, says DBRS.
June 19
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The real estate investment trust, along with co-borrower Stellar Management, obtained a $675 million mortgage from four banks; they are cashing out $113 million of equity in the process.
June 19
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The groups applauded a proposal to establish minimum GSE capital requirements, but called for more immediate steps to release the companies from conservatorship.
June 19
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The original $312 million triple-A notes are being replaced with six separately priced Class A note tranches, including two fixed-rate securities classes
June 18
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The rental car giant is issuing approximately $213 million each of notes maturing in July 2021 and July 2023 from its revolving master trust, Hertz Vehicle Financing II LP, according to rating agency presale reports.
June 18
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The concentration of loans with terms of 73-75 months has breached 13%, after ranging from between 10-12% from five previous AART issues since 2016.
June 18
