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Asset Securitization Report - January 2017

  • Next year is shaping up to be a pivotal one for the future of the Common Securitization Platform and the issuance of the single security by Fannie Mae and Freddie Mac.
    December 28
  • Although subprime auto lending and securitization bear similarly troubling signs to the pre-crisis housing market, they clearly do not contain the macroeconomic risks posed by the mortgage industry nearly a decade ago. But investors may still not be in the clear.
    December 26
  • A legislative proposal would expand Fannie Mae and Freddie Mac's use of specially-created debt securities to share their risk with private investors, but such risk transfer deals are not a replacement for core capital.
    December 15
  • Many CLO managers would welcome a repeal of the soon-to-be enforced risk-retention requirement on deals. But while he sees 5% as slight "overkill," Crestline Denali Capital executive John Thacker sees merit in having skin in the game with investors.
    December 6
  • Last week the European arm of Pinebridge Investments refinanced the Euro-Galaxy III CLO, a collateralized loan obligation originally issued in 2013, to reprice the entire transaction, according to Standard & Poor's.
    December 19