CarMax Auto Financereported income of $27.1 million in the first quarter, up from $21.8 million in 1Q04, resulting from a favorable valuation adjustment and the favorable terms of the public securitization completed in April. The transaction contributed $0.20 per share from the adjustment in the valuation of the retained interest in securitized receivables. Additionally, the cost of funds and credit enhancements on this securitization were better than expected as a result of the strong market demand for asset-backed securities, The company stated.
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The trust employs a 24-month revolving period. There is an increased risk that collateral quality could deteriorate as the transaction evolves with new collateral.
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The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27 -
Aside from the cash flow stabilization, another credit positive to the deal, TAH Operations is property manager to the portfolio, and has strong processes and controls.
March 27 -
Four tranches of class A notes make up the capital structure, and they all benefit from 3.00% in total initial hard credit enhancement.
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Seven of the loans, 27.7% of the pool balance, are secured by multiple properties or have a component of cross-collateralization, benefitting from greater cash flow stability.
March 26