Finance

Core PCE held steady as service costs rose, but the overall report maintains the central bank's flexibility ahead of next week's Federal Open Market Committee meeting.

The heavy issuance partly stems from banks offloading loans from their books ahead of new capital rules.

All the assets benefit from Federal Housing Administration insurance a sequential payment structure and the subordination of servicer advances, if there is no servicer termination event.

Local Law 79 affects roughly 15,000 commercial real estate buildings in New York City, a market ripe for securitization.

The Dallas-based bank swung to a loss in the third quarter after reclassifying a large bundle of multifamily loans that it plans to offload under a recently announced strategy pivot.

The notes receive credit enhancement from overcollateralization, and an initial reserve.

Freddie Mac also indicated that it will be proceeding with its closely watched second-lien pilot, while Fannie reported gains in serving credit invisible borrowers.

Yields across maturities rose at least four basis points, reaching the highest levels in more than two months, after the monthly auctions of two- and five-year Treasury notes both drew higher-than-anticipated yields.

The assets are composed of seasoned mortgage loans financing a range of residential property types.

An independent valuation said that the total catalog is worth about $2.36 billion, based on projected cash flow from the assets. More than 70% of the songs were released more than 10 years ago.