The National Credit Union Administration (NCUA) is preparing its latest offering of corporate bailout bonds, this one $840 million worth of so-called NCUA Guaranteed Notes backed by CMBS.
The latest offering will have two tranches, one a fixed-rate deal and the other floating-rate.
The newest deal brings to more than $21 billion worth sold by NCUA since October, with some $5 billion more planned.
The bonds are federally guaranteed.
Barclays Capital is the lead underwriter.
Foreclosure filings were reported on 42,430 properties in the United States last month, down 8% from the month prior but up 18% from a year ago.
S&P sets an estimated cumulative net loss of 2.85% for the CRVNA 2026-P2 notes, unchanged from the CRVNA 2026-P1, because the collateral characteristics were unchanged.
House lawmakers modified a ban on big-money investors from purchasing single-family homes, broadening the exemptions for build-to-rent properties and eliminating requirements in a Senate version of the bill that affected investors divest their holdings.
On an end-to-end basis, the joint initiative delivers collateral without relying heavily on manual transfers as loans are settled, then transferred between institutions.
Notes will amortize sequentially to allow cash to be released to the issuing entity on a limited basis if it maintains the overcollateralization target.
Consumer Credit Portfolio II is not a securitization, but Groundfloor is known for two deferred-pay residential transition loan ABS that are paying investors higher premiums than rated RTLs.
