Deutsche Bank Securities announced today that it has entered into a joint venture with Pinnacle Financial Corp. to form Pinnacle Commercial Mortgage, which is a Florida-based originator of Alt-A small-balance multifamily, commercial and mixed-use mortgage loans. Financial terms of the agreement were not disclosed. Pinnacle Financial, which was founded in 1988, is an independently-owned mortgage lender. It funded over $5.5 billion in residential and commercial mortgage loans in 2005. "Through this joint venture, Deutsche Bank and its residential mortgage backed securities business will continue its expansion in U.S. mortgages and enhance the bank's securitization capabilities," said Phil Weingord, managing director and head of global markets Americas at Deutsche . Meanwhile, Doug Long, CEO of Pinnacle said, "This transaction merges Pinnacle Financial's product knowledge and ability to increase loan volume with Deutsche Bank's securitization expertise."
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Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24 -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24