Allison Bisbey

The tighter spreads on the fintech student lender's latest securitization should help offset a rise in the underlying benchmark rates, keeping its funding costs low — and helping it compete more effectively.

While the company still relies heavily on sales of solar panels, these purchases are now funded by third-party lenders, rather than in-house.

A bipartisan coalition of AGs and officials representing 25 states sent a letter to Education Secretary Betsy DeVos today urging the department to reject what they said was a campaign to dismantle state oversight of the industry.

The second liens, which accompany CMBS first mortgages, range in size from $500,000 to $5 million, a segment of the market that is not well served by either banks or debt funds.

The company, formerly known as Colony American, completed three previous transactions, the last one in 2016, before rules requiring sponsors to keep “skin in the game” of their deals took effect.

While some tackle the problem by offering their own consolidation loans, Sallie Mae is developing products with extended terms that reduce borrowers' monthly payments in an effort to discourage borrowers from refinancing in the first place.

Called Structured Agency Credit Risk Securitized Participation Interests, the new securities are backed by mortgage loans, and are not general obligations of the government-sponsored enterprise.

Navient has suspended stock buybacks to buy and expand a debt-refinancing firm that faces stiff competition from fintechs, and some shareholders aren’t happy.

Many of the prime jumbo loans backing the transaction, JP Morgan 2017-4, were contributed by originators with limited history in that product, according to DBRS.

The transaction, Bellemeade Re 2017-2, appears to be similar to programs that Fannie and Freddie use to offload the risk of losses on residential mortgages they insure to capital markets investors.

The latest deal features slightly higher exposure to Florida, where Renew has not been operating as long as it has in California.

The investment firm recently obtained an $800 million mortgage from Goldman Sachs that was used to refinance $753.1 million of debt on 138 Marriott and Hilton-branded hotels acquired between 2007 and 2015.

The $369.38 billion offering brings total issuance under the Long Island Power Authority's current authorization to $4.5 billion. It is funded by an additional restructuring charge levied on residential customers.

The bill provides clarity to capital requirements to certain acquisition, development and construction loans are assigned a higher risk weighting under Basel III.

The increase reflects stronger demand from obligors as the performance of this industry improves, rather than a decision by the lessor, according to Fitch Ratings.

Moody's notes that the practice masks the actual performance of the equipment lessor's recent securitizations; the rating agency has increased its expectation for cumulative net losses on the latest deal by 25 basis points, to 2.75%.

At $307.5 million, the deal is more than twice the size the sponsor's initial transaction completed in February; it includes a prefunding account, which could introduce drift in the credit quality of the collateral.

The investment arm of Microsoft founder Paul Allen has also committed $100 million of funding to help CleanFund warehouse additional PACE assets that will eventually be securitized.

The private equity firm obtained $582.5 million in financing from Goldman Sachs and J.P. Morgan; proceeds were used to refinance $510 million of debt and return $52.2 million of equity to the sponsor.

Investors don't appear to be overly concerned about recent management changes at the student loan refinance lender.