Canadian ABCP arranger Coventree said yesterday that it is seeking an "orderly windup of its operations" and will distribute to shareholders any of the remaining funds. In the same release, the firm said that its special committee has concluded its capital markets and administration businesses are "no longer viable." Coventree's financial results for the fourth quarter "were materially adversely affected by the disruption in the Canadian asset-backed commercial paper market that began on August 13, 2007 and still continues today," according to the firm's statement on its financial results. The ABCP firm reported that its net income for the 4Q07 was $3.1 million compared with $6.1 million for the three months ended December 31, 2006.
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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.
March 26 -
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