MBS

The largest U.S. shopping center became delinquent on its debt last year after its owner Triple Five Group began skipping mortgage payments, citing hardships from the COVID-19 pandemic.

While the balance of newly delinquent loans fell by 50% from November, the ratings agency warned that many borrowers will likely struggle to bring loans current under ongoing pandemic conditions.

Privatizing Brookfield’s real estate subsidiary is appealing because it has consistently traded at a discount to the underlying value of its assets.

Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 18-23

The availability of financing hasn’t been an issue to date, but it still could be.

The likely extension of support of Libor until June 30, 2023 is a major plus for the securitization market, fending off potential market disruption the buying and trading of $1.8 trillion in outstanding asset-backed securities because of the planned cessation of the benchmark rate by the end of 2021.

The nonbank lender is co-sponsoring a $258.4 million residential mortgage pool comprised entirely of wealthy borrowers with 15-year term contracts.

Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 11-17

The deadline for inclusion in Ginnie mortgage-backed securities has been extended and an exception will be made for some participations.

The pool of 359 loans also on average carry higher balances (over $900,000) compared to the REIT's earlier pass-through deal this year.

Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 4-10

Whether Ginnie issuance increases in the future may depend in part on the extent to which the Biden administration wishes to tap the FHA to promote affordable housing and homeownership.

HomeEquity will sell an as-yet undetermined volume of notes to finance forthcoming originations by the bank sponsored by Birch Hill Equity Partners Management.

The more-than-$550 billion market for bonds backed by U.S. commercial mortgages may face losses even after promising Covid-19 vaccines become widespread, as key parts of the real estate market may not return to full strength anytime soon.

The single-family, duplex and multi-unit condo properties have an average age of 60 years, more than double the age of other rated SFR securitizations.

Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 28-Dec. 3

The transaction involving 345 high-balance mortgages is just the third sponsored by Morgan Stanley's mortgage acquisition and trading arm since the financial crisis more than a decade ago.

Other portions of the casino-property loan have been previously assigned to nine other commercial-mortgage securitizations.

Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 20-27

Citigroup's realty arm is sponsoring a $1.06 billion RMBS of highly seasoned mortgage loans with troubled histories. All of the loans were acquired via a Fannie whole-loan auction.