Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market | ||||
Managers | Proceeds (mils) | Rank | Mkt. Share | # of Issues |
JP Morgan | 8,270.8 | 1 | 12.7 | 13 |
Deutsche Bank AG | 7,995.4 | 2 | 12.3 | 14 |
Citigroup | 7,602.2 | 3 | 11.7 | 13 |
Merrill Lynch & Co Inc | 7,246.0 | 4 | 11.1 | 9 |
Banc of America Securities LLC | 5,947.1 | 5 | 9.1 | 10 |
Wachovia Corp | 5,568.3 | 6 | 8.5 | 12 |
Barclays Capital | 4,782.8 | 7 | 7.3 | 9 |
Credit Suisse First Boston | 4,561.9 | 8 | 7.0 | 9 |
Goldman Sachs & Co | 3,564.1 | 9 | 5.5 | 4 |
HSBC Holdings PLC | 3,334.4 | 10 | 5.1 | 5 |
Industry Total | 65,175.6 | - | 100.0 | 63 |
Source: Thomson Financial |
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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.
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Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
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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.
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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.
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