Finance

Issuers approved for the program will receive written authority to use "digital collateral" for a limited number of securitizations.

Ocwen Financial's preliminary second-quarter results put it back in the black, and it is positioning its growing distressed-servicing expertise and pandemic-induced exposures as a net positive.

While rival banks reported increases in loans and deposits, thanks largely to their participation in the Paycheck Protection Program, State Street and Bank of New York Mellon saw their balance sheets shrink in the second quarter.

Some 60% of Ally’s auto originations in the second quarter were used-vehicle loans, the highest percentage in the company's history.

The net assets in Blackstone Real Estate Income Master Fund declined to $553M on May 31 from $773M at year-end 2019.

The student-loan servicer is marketing bonds secured by refinance originations of its Earnest subsidiary targeting borrowers in advanced-degree professions.

he report concluded that the industry should fare well compared with its peers, but that loans to mid-sized European companies remained vulnerable to fall-out from Covid-19.

The council created by the Dodd-Frank Act to identify systemic risks launched a review of the market as part of an activities-based approach that shifts focus away from targeting individual firms.

The trustee is piloting a distributed-ledger program that can automate much of the interaction between originators, servicers and MBS investors.

Credit Acceptance Corp.'s second securitization of 2020 has a higher loss rate than the first deal due to COVID-19 worries, as well as rising loss levels in the lender's recent-vintage securitizations.

B. Riley FBR raised its ratings for both Fannie Mae and Freddie Mac to sell from neutral on the possibility the net worth sweep is declared illegal.

The Federal Reserve's extraordinary effort to keep credit flowing to companies during the COVID-19 pandemic is also shunting money to banks' bottom lines.

More than $2.5 billion in new subprime auto securitization deals hit the market this week, including a portfolio of indirect loans pooled by first-time issuer First Help Financial.

The single-borrower deal, sponsored by Brookfield, was pulled in the spring due to market conditions that halted most securitizations at the onset of the COVID-19 outbreak.

Tricon American Homes launches the fifth securitization since mid-May secured by loans that finance institutional ownership and management of single-family residential rental homes.

The first-time transaction under Fortress Investment Group's new shelf will be backed by long-term leases on 11 Amazon fulfillment and last-mile distribution centers – three of which remain under construction.

Guarantee fees became the main source of revenue for government-sponsored enterprises during conservatorship, and reverting to a private stockholder model could create a need for more revenue.

S&P Global Ratings has projected slightly higher investor loss levels for BMW Financial Services' first 2020 auto-loan securitization, compared to the captive-finance auto lender's previous deal in 2019. But that loss range (0.9%-1.11%) still remains minimal.

While the multifamily loan forbearance rate is lower than the most pessimistic projections, Pat Jackson says borrowers are hardly out of the woods yet.

The class A notes, secured by legacy trust-preferreds and subordinated debt of institutions, carry an investment-grade A1 rating from Moody's. That rating is slightly lower than a prior Hildene CDO, due to elevated pandemic risk to bank profitability.