Finance

While the foreclosure crisis is over and federal regulators are being less assertive on enforcement actions, mortgage servicers must remain vigilant about compliance, as state agencies are stepping up their own oversight, according to Standard & Poor's.

According to presale reports, PGIM is marketing a $509.5 million Dryden 61 CLO transaction in the states, while also prepping a €411 million Dryden 66 Euro CLO portfolio.

The $612 million Horizon Aircraft Finance 1 carries preliminary single-A ratings from Fitch and Kroll, on par with the $1.2 billion deal the sponsor completed in 2015.

The transaction is one of only three CRE CLOs issued post crises with a collateral balance of $1.0 billion or more, according to Kroll Bond Rating Agency.

Although forecasts anticipate a continuing drop in overall originations, private-label residential mortgage-backed securitizations backed by newer loans are expected to keep increasing through next year, according to Bank of America.

Both Kroll and S&P expect losses on collateral in the subprime consumer lender's latest deal to be higher than its 2017 deals; Kroll alone assigned a lower rating to the senior tranche.

A $215 million commercial mortgage that was used to acquire the Ritz-Carlton Kapalua is being used as collateral for a transaction called GS Mortgage Securities 2018-LUAU

The unique approach Fannie Mae and Freddie Mac are each taking with their credit-risk transfer products is quickly becoming a key point of differentiation that's rekindling competition between the government-sponsored enterprises.

Laurel Davis, VP, credit risk transfer at Fannie Mae, explains why the switch to a REMIC structure for CAS is important, and why it took so long.

Tishman Hotel & Realty and MetLife are refinancing the Swan and the Dolphin, adjoining resort complexes with a total of 2,270 rooms.

Fannie Mae and Freddie Mac transferred a substantial amount of credit risk to the private sector through both single-family and multifamily market transactions in the first half of the year, with activity expected to rise in 2019, according to the Federal Housing Finance Agency.

The firm's risk profile has not altered, executives said on a third-quarter earnings call Wednesday; it remains "appropriately cautious."

The $571 million transaction is backed by 915 loans originated from 2002 and 2008 that Waterfall Asset Management acquired over eight years.

The deal comes a year after the captive finance company began excluding low-FICO loans from its primary auto loan ABS platform.

It's the first time any of the rating agencies has assigned an AAA for any securitization of consumer loans by a marketplace lender.

When the mortgage giant will be released from government control is anyone's guess, but the company's third-quarter report shows signs of an easier transition.

The $325 million deal is backed by franchise fees and royalties; the collateral does not include profits from company-owned stores.

The €411 million deal puts it in the small club of UK managers that have completed three or more transactions in 2018.

It is issuing another $55 million of Series 2018-1 bonds backed by cell tower leases from its Diamond Issuer master trust; some $41 million will be deposited in a prefunding account.

The structure reduces counterparty risk in the GSE's benchmark Connecticut Avenue Securities program; it also expands the investor base.