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Whatever path Fannie Mae and Freddie Mac take, the Mortgage Bankers Association would like to see them preserve many of the changes they made while in government conservatorship.

Restricted from taking on distressed debt or debtor-in-possession loans, CLO managers are being left out of opportunities in coronavirus-related debt restructurings. "It's frustrating," says one manager. "We are supposed to be the bully, not the one being pushed around.”

The Consumer Financial Protection Bureau plans to change the definition of what constitutes a qualified mortgage from a 43% debt-to-income limit to a price-based threshold, and further extend a temporary exemption given to Fannie Mae and Freddie Mac.

Longstanding CLO manager Western Asset Management just priced its first deal of 2020, and despite the transaction's much more conservative structure, spreads doubled from its deal a year earlier.

Sunnova Energy in Houston plans to issue $158 million in asset-backed securities (ABS), its second term ABS securitization that relies on investors trusting its solar-loan-origination acumen, rather than its loan history.

A survey of 177 fund managers and institutional investors shows investors are still "jumping in", particularly in higher-rated tranches that continue to perform.

The agencies said late Friday that they will provide information on small businesses that received $150,000 or more from the Paycheck Protection Program.

Activity in the Paycheck Protection Program has waned, but some argue that many small businesses, especially those owned by minorities, will miss out if the June 30 application deadline isn't extended.

Compared with the week prior, approximately 57,000 fewer loans from all investor types were forborne.

The breakdown, described by people with knowledge of the relationship, is among the many scuffles emerging on Wall Street as the coronavirus pandemic pits distressed companies and their owners against lenders.