Donna M. Mitchell is a financial journalist based in the New York metro area with expertise covering structured finance, commercial real estate, and wealth management. Her work has appeared in Forbes, Next Avenue, Financial Planning and National Real Estate Investor.
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The non-prime pool benefits from a non-declining reserve fund of 1.0% of the initial pool balance, and subordination of 32.9% for the pool.
March 26 -
Figg will advise financial institutions, issuers, arrangers and underwriters on asset-backed securities (ABS) deals, collateralized loan obligations among other transactions.
March 26 -
A reserve account starts off at 0.0%, but its funding level varies in line with three-month average excess spreads, if it falls below certain thresholds.
March 26 -
Second-lien loans make up virtually the entire pool, which carries some risk of poor recovery rates. Yet 78% of the pool is also considered safe-harbor mortgages.
March 24 -
Borrowers are considered prime in this pool, but Fitch Ratings notes that delinquency rates have been increasing since 2022.
March 21 -
Total hard credit enhancement will represent 4.5% of the note balance, and initial reserves amounting to 2.0% of the pool.
March 20 -
Almost the entire pool of mortgages will fund primary residences and were underwritten using full documentation.
March 19 -
Loans on used cars, extended to borrowers with prime credit characteristics, make up the reference pool of assets.
March 18 -
Aside from that, three collateral performance trigger events—delinquency, default and extension rate—that can force an early amortization are structured into the deal.
March 17 -
The pool is diversified, with its top obligor accounting for 3.2% of the pool balance, and the top 10 obligors account for 14.1%.
March 14
