Donna M. Mitchell

Chapter 7 and Chapter 13 make up about 48% and 31% of the borrowers in the pool, respectively, while non-bankruptcy borrowers make up 21% of the pool.

The entire pool is comprised of fixed-rate, fully amortizing mortgages, with an average balance of $901,373. They are also first-lien loans.

The loans are related to just one timeshare site in Las Vegas, Nevada, called the Tower 52 Vacation Suites. The loans were originated under an agreement with Hilton Resorts.

About 87% of the loans in the pool were underwritten to borrowers with less than full documentation and out of that group, about 63.9% were underwritten to a 12- to 24-month bank statement to verify income.

The GSE comes to market with a pool that is less volatile than average Freddie Mac pass-through deals, plus below-average amortization.

Most of the home loans were originated post-COVID and are on owner-occupied properties.

BDS 2021-FL9 is allowed to be fully collateralized by multifamily or manufactured housing properties, although it has concentration limits on other property types.

Based in Philadelphia, Mazzeo advises a range of client types on securitizations, and guides private equity and hedge fund managers through structured transactions.

While the collateral is high quality, analysts raised concerns about a number of key parties that they feel lack robust securitization experience and financial strength.

CIM is secured by home loans making the most of second chances, and borrowers retaining their homes throughout several economic dips.

It’s in the modeling and the long-term benefits, a cross-section of executive tells virtual crowd at Moody’s ‘Road to COP26’ event.

Conforming single-family homes, 65.3%, comprise most of the portfolio, and none of the borrowers in the portfolio had availed themselves of COVID-19 related forbearance.

The transaction is also the first securitization for ACREC. The entity is also taking on multiple roles, acting as sponsor, issuer and collateral manager.

Office imaging equipment and other business-related loan and lease contracts collateralize the highly diversified pool of obligors.

To help determine certain forms of credit enhancement and loss triggers, LendingPoint 2021-B is tightening its definition of what a charged-off account is.

A high representation of working professional degree holders among borrowers, most notably, medical doctors, boosts confidence in the underlying collateral.

In a move becoming more commonplace for CRE CLOs, the collateral manager can direct modifications that are not subject to servicing standards in deal documents.

The trust excludes loans from about six states with active legislation addressing the exporting of usury rates to out-of-state borrowers.

While the loss coverage is subsequently lower for the notes, totaling $194.2 million, it is expected to be sufficient to cover required rating multiples.

All of the underlying leases are financing new cars, Fitch noted, adding that leases under 36 months for the original term represented about 82.3% of the pool.