Allison Bisbey

An industry working group might seek legislation to eliminate the need for investor consent in the shift to a new benchmark interest rate. But any legislative fix is almost certain to be challenged because choosing an alternative to Libor will inevitably favor one party in a transaction over another.

SLM Corp. wants to "target the people our competitors are targeting and bring on their federal balances" CFO Steven McGarry said during an earnings call.

Nearly 67% of the loans in the $309 million loans and repossessed properties backing FASST 2019-HB1 were obtained from a 2017 deal that was recently collapsed.

The sponsor acquired the buildings over the past 12 years; now it has obtained a mortgage on each from JPMorgan Chase for a total of $174 million.

Two deals Exeter completed in 2018 are performing worse than Moody's expected so its looking for additional losses on this deal; S&P sees losses in the same range as four prior deals.

The residential mortgages being reinsured are less risky, by several measures, than its previous deal; none of the borrowers have ever missed a payment.

Losses on Conn’s consumer loans are stabilizing, and the electronics and appliance store chain sees an opportunity to reduce the level of credit enhancement for its latest securitization.

The $746.2 million PFP 2019-1's biggest exposure by property type is to multifamily, but the single largest asset is a $71 million portion of a mortgage on a Dallas office building.

The $479 million Progress Residential 2019-SFR2 Trust is backed by 2,459 single-family residences, 2,452 of which were previously securitized in Progress 2016-SFR2.

The senior notes to be issued in the $867 million transaction also amortize more quickly, reducing investor exposure to a potential decline in the valuation of the assets.

The $687 million XAN 2019-RSO7 has 36 months to fund additional lending against properties in the collateral pool, six months longer than a 2018 transaction.

This time, investors required Radian to hold on to the first 2.5% of losses it covers on the pool; by comparison, the insurer’s previous deal, Eagle Re 2018-1, had a lower “attachment” point of 2.25%.

A joint venture between the New York firm, Migdal Insurance and the Arden Group obtained a $311 million mortgage on 1735 Market Street from Deutsche Bank and Goldman Sachs.

The Structured Finance Industry Group wants Treasury and the IRS to issue a notice that a change from Libor to an alternative index would not be treated as a taxable exchange.

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.

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.

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.

Origination is on the rise, but the Los Gatos, California company likes having the flexibility to come to market frequently with smaller deals.

At $230 million, GSMBST 2019-PJ1 is notably smaller than recent transactions from JPMorgan and Redwood Trust; borrowers also have less equity in their homes.

The €249 million Taurus 019-1 FR is backed by a single loan from Bank of America on a portfolio of 206 mixed-use properties leased to French electric utility EDF.