MBS

The case stems from a lawsuit filed by the US Department of Justice against UBS in relation to legacy residential mortgage-backed securities from 2006 and 2007 and related to the issuance, underwriting and sale of the securities.

The collateral pool is comprised of a mix of mortgage loans, from 30-year, fixed-rate, fully amortizing loans (94.6%) to 40-year, fixed-rate loans with an initial interest-only term (0.03%).

Prime Minister Justin Trudeau's government is considering winding down the Canada Mortgage Bond program in a bid to reduce borrowing costs.

A vast majority of the pool, 86.35%, consists of primary homes. Investment properties and secondary homes, meanwhile, account for 11.29% and 2.36% of the collateral.

Newman will develop and implement the company's asset capital strategy, and lead a team focused on Hometap's optimization, structuring, pricing and go-to-market methods for various investor segments.

The notes have a coupon of 7.1%, a FICO score of 728 an original cumulative loan-to-value ratio of 66.9%, and an issuer debt service coverage ratio of 1.26%.

Commercial and industrial customers comprised about 60% of SIGECO's electric sales, which potentially exposes the pool to volatility due to business changeable cycles.

The properties have a purchase price of $684.8 million, and an issuer cost basis of $744.4 million, a debt yield of 7.0%, and a debt service coverage ratio of 1.44x.

The current transaction is shaping up to be a smaller deal with higher quality assets, compared with the CMLTI 2022-RP4.

Notes will be repaid through a modified sequential structure, which calls for the A-1 and M-1 through M-3 classes to receive principal on a pro-rata basis.