Finance

After several years of preparation, Fannie Mae and Freddie Mac will start issuing a new, common mortgage-backed security starting June 3, 2019, the Federal Housing Finance Agency said Wednesday.

The non-bank lender's $299.8 million prime, high-balance deal is no surprise; it follows a warehouse securitization last year. Angel Oak is also in the market with a $238.8 million deal.

The U.S. CLO manager breaks the ice with its first euro-denominated deal, which priced Friday and will close in May when it is about 75% ramped up.

The deadline to seek an en banc hearing has now passed, and skin-in-the-game rules for collateralized loan obligations could be off the books by April 2.

The deadline to appeal the rollback of risk-retention requirements for CLO managers expired at midnight last night, but Voya Alternative Asset Management is not taking advantage.

The San Francisco-based online lender reported a net loss of $115 million for 2017, more than half of which was connected to warrants issued in a deal that stabilized the struggling firm.

Banks would welcome a proposal to loosen Basel III capital restrictions because it would make holding mortgage servicing rights easier and stem the recent exodus of depositories from the servicing business, executives said.

An affiliate of the private-equity firm Angel Oak is packaging bank-issued sub debt to minimize risk for bondholders. It recently completed its first securitization and has plans to issue two deals a year.

The sponsor has only identified $552 million of collateral for the $610 million deal; it has another four months to put the remaining $88 million to work in additional assets.

Just over 20% of the balance are hotel loans, including the second-largest loan in the collateral pool, a $59.9 million portion of a $132.9 million loan used in a cashout refinancing of the Hilton Clearwater.

Together with $26.4 million of unrated notes that the REIT will retain in order to comply with risk retention rules, the total amount outstanding from the American Tower I master trust will be nearly $1.81 billion.

Are American college students using their student loan dollars wisely? A LendEDU study explored how those funds are spent.

The majority of the collateral for the $326 million OBX 2018-1 comes from two called Bear Stearns deals originally issued in 2005; the remainder was acquired by the mortgage REIT in the whole-loan market.

The money manager is preparing to refinance a $400 million deal originally printed in March 2016 that is currently grandfathered from risk retention rules - without bringing the deal into compliance.

The €413.5 million BlackRock European CLO V is the fourth euro-denominated CLO to launch this month, and asset manager's first since BlackRock Euro CLO IV priced in November.

Octagon is refinancing a 2013-vintage CLO for the second time, while Anchorage is using the assets of a deal issued in 2012 (and later refinanced in 2016) for its first new-issue deal of 2018.

Issuance of Ginnie Mae securities backed by reverse mortgages rose above $1 billion for the second time in two years, according to the government agency's latest monthly report.

DBRS has assigned a BBB rating to a single tranche of certificates issued in what may be the first-ever rated securitization of servicing fees left over after subcontracting payment collections.

The $1.1 billion BENCHMARK 2018-B3 is backed by 45 loans secured by 89 properties contributed by Deutsche Bank (42.8%), JPMorgan Chase (35.3%) and Citibank (21.8%), according to rating agency presale reports.

The gap between long and short reinvestment periods for U.S. collateralized loan obligations that reset rates has widened in 2018 as managers contend with different market signals, says Fitch.