Finance

While Carlyle has been judicious with new issuance, it had a busier second quarter in refinancing older deals; several more will be ripe for refinancing in the third quarter.

Fannie Mae’s treatment of a reperforming loan package helped drive up earnings by almost 41% to $4.5 billion, delivering a stronger dividend to Treasury ahead of a leadership change.

The agreement was likely the last of the big cases to be cleared by the Justice Department, and Wells paid less than its peers did to resolve the lingering mortgage probes stemming from the meltdown.

Mindful Wealth, an investment firm based in Singapore, is raising money to put to work in some of the riskier tranches of U.S. collateralized loan obligations, those rated BBB and B.

A joint venture between an investment vehicle for Michael Dell's family and Lake Avenue Investments obtained a $450 million mortgage on the Four Seasons Hualalai from Goldman Sachs.

Most providers of property assessed clean energy financing shoot for relatively modest credit ratings in the securitization market. But CleanFund wanted to set itself apart.

The bank is balancing that exposure with a greater amount of property diversity and the the inclusion of three large investment-grade-type loans for UBS Commercial Mortgage Trust 2018-C12.

The bulk of the collateral, 59.6%, was acquired from Impac Mortgage Corp., a lender with a long track record; the remainder, 40.4%, from Sprout Mortgage Corp., a relative newcomer.

Freddie Mac produced modest second-quarter results, reflecting a stabilizing business that CEO Donald Layton compared to a utility company.

As a result of the forward flow agreement, Kroll has increased expected recoveries, allowing Upstart to lower credit enhancement on its next securitization.

Towd Point Mortgage Funding 2018 Auburn 12 Plc is backed by 2,913 properties, all of which were previously securitized in the sponsor’s 2015-vintage Auburn Securities 9 portfolio.

Recent documentation tweaks that afford "excessive amounts of flexibility" to CLO managers can introduce "material, and even unquantifiable, risks" into transactions, according to the rating agency.

A $333 million first mortgage on the Palmer House Hilton, a 24-story building with 1,641 guestrooms in Chicago’s central business district, is being securitized by JPMorgan Chase.

The credit quality of the initial collateral pool is similar to that of United Auto Credit Corp.'s previous transaction, but the performance of the lender's managed portfolio of subprime loans is improving.

Just 5.1% of the $91 million of liens backing the transaction are vacant, down from 9.2% of the prior deal; this allowed the sponsor to borrower more heavily against the value of hte collateral.

The amount of loans cherry picked by the likes of SoFi and CommonBond fell by 3%, to $221 million; just as well, since Sallie Mae's grad school loans are off to a slow start.

Redwood Trust has priced a new stock offering that is aimed at increasing funding to new initiatives like investments in the single-family rental and multifamily sectors as well as routine business.

A $100.3 million sliver of the $1.7 billion loan is being used as collateral for a conduit securitization called Benchmark 2018-B5 Mortgage Trust, according to DBRS. It represents 9.9% of the $1.04 billion transaction.

Should cash flow for subordinate classes fall short, a debt-service coverage ratio trigger would defer interest payments and prevent a default event.

The Chicago-based corporate small-business lender and CLO management firm also reduced the cost in subordinate notes as it chose to maintain the existing reinvestment and maturity periods limiting the deal's shelf life.