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While the economic recovery and stimulus checks drove upward movement in purchases, it wasn’t enough to offset tumbling refinance activity.

The shortage has driven activity in the leasing market, reflected in more than $10 billion in lease-backed securities providing funds for new- and used container acquisitions by major shipping firms.

The company is still searching for someone to fill the roll on a full-time basis, but the $600,000 annual salary cap may limit the candidate pool.

The sponsor has refrained from multi-borrower deals since March 2020, but has pooled together 28 loan participations from 40 properties – including notable concentrations in retail and lodging.

The announcement signals an openness to creating something many GOP lawmakers have long resisted: a federal guarantee of the trillions of dollars of mortgage bonds that Fannie and Freddie issue, a rep for P.A. senator said.

Carvana will use proceeds to pay down existing debt and to fund general corporate purposes.

The strong showing has prompted managers to bring new deals at favorable terms and refinance and reset existing bonds at cheaper costs, leading market observers to predict a record year for refinancings.

CLO new-issue month-to-date volume is at $8.9 billion, keeping pace with a record $15.8 billion total from February

With a steady stream of Senate hearings held on the racial wealth gap and inequities in the financial system, the new chairman has set a consumer-focused agenda that leans further left than even past Democratic chairs.

Deals, trends and research in structured finance and asset-backed securities for the week of March 5-11