Finance

There are almost 7 million coastal homes facing more than $1.6 trillion in potential storm-surge reconstruction expenses this year, representing a 6.6% cost increase from last year's hurricane season.

Fiat Chrysler is expected to announce Friday that it will establish its own captive finance unit in the U.S. The move could be bad news for its lending partners.

The investment firm obtained $430 million of financing on its leasehold interests in 355,000 square feet of retail and office space, but it just lost its one office tenant, Amtrak.

The borrowers behind the $401.6 million COLT 2018-2 have weighted average liquid reserves of $426,633, or nearly twice the level of borrowers backing a deal completed in January.

Noria 2018-1 is a €1.6 billion securitization of unsecured personal loans, of which 30% are debt consolidation accounts.

Just 16% of the collateral for the $522 million Nelnet Student Loan Trust 2018-2 consist of “rehabbed” Federal Family Education Loan Program loans.

Default risks in retail and media leveraged loans have also risen to the forefront of CLO manager concerns, which a few years ago were centered on oil and gas exposure.

Despite concerns about credit quality, the only constraints on new issuance appear to be the supply of loan collateral and the capacity of warehouse facilities and rating agencies.

Unlike several recent transactions by other solar panel financiers, which were backed by loans, the $347.5 million Vivint Solar Financing 5 is backed by leases and power purchase agreements.

Issuance is strong and defaults remain low; yet CLO market participants are concerned about heavy debt loads of the companies they invest in, as well as the lack of investor protections.

Home Partners of America distinguishes itself from other single-family home lessors by offering right-to-purchase options. But for the majority of properties in its new asset-backed deal – a recycling of homes pooled in its first securitization – the purchase option has been bypassed or expired.

The $1.56 billion Towd Point Mortgage Trust 2018-2 also features higher exposure to loans on investment properties, in some cases loans backed by single-family homes in more than one state.

Sean Solis has been a partner at Dechert since 2014, advising collateralized loan obligation managers and arrangers through the hoops on U.S. and European risk-retention regulations.

JPMorgan Chase has largely sat on the sidelines of Federal Housing Administration lending due to compliance concerns. But recent regulatory relief efforts have Chase Home Mortgage CEO Mike Weinbach eyeing an opportunity to jump back in.

The online lender was able to lower the credit enhancement (again) on its latest securitization of consumer installment loans, the $221.9 million Avant Loans Funding Trust 2018-A.

Test your knowledge of the secondary mortgage market with this quiz of key industry abbreviations.

Affinity's NREIG unit will become OwnAmeria's preferred insurance provider; landlords who list their portfolios will be able to apply for insurance directly from the trading platform.

The closed-end fund, a major investor in CLO equity. directed resets of four deals that it controls in the first quarter; this helped end a yearlong slide in its weighted average portfolio yield.

Industrywide, car sales were down last year, but there were record purchases of Civics and brisk second-half sales of the redesigned Accord; this is reflected in the model concentrations of HAROT 2018-2.

The commercial real estate lender, which is controlled by Canadian and Singapore sovereign wealth funds, included some unusual features in the deal, such as a two-year revolving period.