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There is also a significant portion of mortgages secured by investment properties, 44%, and overall 47.5% of the collateral pool is composed of non-qualified mortgages.
June 17 -
The notes will be repaid sequentially, and with subordination, a reserve account that can be replenished and overcollateralization, the notes receive greater credit enhancement over time.
June 16 -
The industry's biggest opportunities involve the evolving cost of capital, which will shift funding sources from the private, local lending markets to institutional sources.
June 13 -
The deal includes a replenishment mechanism that allows subsequent drawdowns on existing mortgages.
June 13 -
Secondary market interest in home equity contracts is drawing new participants, with 2025 securitization activity ahead of last year, industry leaders said.
June 13 -
The deal was divided into multiple debt pieces rated by Kroll Bond Rating Agency as well as a riskier first-loss piece.
June 13 -
A cumulative net loss trigger and a material modified loan ratio trigger will direct all available funds to the note principal payment if they are breached.
June 12 -
All the notes benefit from credit enhancement equaling 4.75% of the note balance, an initial reserve account representing 0.50% of the pool balance.
June 12 -
ExteNet's capital structure maintains cash flow by including cash trapping and cash sweeping conditions.
June 11 -
The deal is secured by a portfolio dominated by mortgage loans considered non-qualified or exempt from ability to repay rules.
June 10