Finance

Moody's thinks that the risk of early lease terminations is "marginal," since only 0.5% of the vehicles in the collateral pool are old enough to be impacted by bans in place in several European cities.

The success of the government-sponsored enterprises' credit risk transfer programs shows that they can be the basis for housing finance reform.

Previously, the rating agencies had capped their ratings at double-A, primarily due to CommonBond’s short operating history; it has only been making loans to borrowers with advanced degrees since 2013.

Allstate Investment Management's latest collateralized loan portfolio includes a five-year-plus reinvestment period, and some added leeway on credit metrics and performance tests.

The Education Department reportedly has plans to shield student loan servicers from state regulators, but the Conference of State Banking Supervisors isn't ready to cede its authority.

Citigroup and Goldman Sachs are securitizing a $405 million first mortgage taken out to help finance the private equity-led acquisition of the WoodSpring Suites low-priced extended-stay hotel chain.

The $446 million Pearl Street Mortgage Company 2018-1 Trust is backed by 30-year, fixed-rate loans with credit characteristics in line with recent private-label prime jumbo transactions rated by Fitch Ratings.

Growing competition may prompt commercial mortgage-backed securities issuers to accept higher loan-to-value ratios in their deals.

The real estate investment trust obtained a $1.35B mortgage from four banks on a portfolio of 38 properties in the U.S. and pledge of cash and insurance on another 12 in Puerto Rico.

From efforts to fix the London interbank offered rate to changes in online lenders' funding programs, here are some of the highlights of the Structured Finance Industry Group's 2018 confab in Sin City.

DriveTime's improving loss performance in recent securitizations allowed it to relax the enhancement levels on its first securitization of the year.

The transaction is the second this year involving Santander's Chrysler Capital preferred-lender unit; in January Santander sold bonds on its first-ever deal backed by Fiat Chrysler leases.

The Trepp CMBS Delinquency Rate is now 4.51%, a decrease of 32 basis points from the January level; only the multifamily subindex experienced a rise in late payments.

LendingClub, Marlette and others are looking at additional changes to both their securitization and whole-loan sale programs that could further broaden their investor bases.

GSO/Blackstone's Cook Park CLO is the firm's first new-issue transaction since November; the senior, triple-A-rated tranche pays just 92 basis points over Libor.

Avoca CLO V was issued only the second default rating of a subordinate global CLO in the last four years, the result of an unpaid subordinate tranche in an early deal liquidation by manager KKR.

Ocwen Financial Corp.'s acquisition of PHH Corp. will help the nonbank servicer rebuild scale that's been diminished by years of regulatory restrictions and the decline in distressed mortgage volume brought about by improvements in the overall housing market.

Participants at the Structured Finance Industry Group conference in Las Vegas say that future deals could be linked to the performance of jumbo, as well as conforming loans.

Despite riskier terms, rising delinquencies and falling used car values, investors keep buying bonds backed by prime and subprime auto loans and leases.

Credit support on the senior tranche of the $800 million transaction is 19.25%, up 250 basis points on the comparable tranche of the sponsor's previous deal to offset the impact of falling used car prices.