DG HYP, DZ Bank and KfW are launching the first multiseller transaction to securitize small commercial German mortgage loans. PROSCORE-VR 2005-1 will pool the risks from small commercial mortgage loans -- the maximum size is 2.5 million ($2.9 million) -- of different cooperative credit institutions. The structure is similar to the KfW sponsored PROVIDE platforms. Roughly 95% of the securitized reference claims are originated by DG HYP, the rest come from six other cooperative banks. For the securitization, KfW will initially assume the default risk of the underlying credit portfolios of DG HYP and the participating cooperative banks. Under the leadership of DZ BANK the risk will then be placed in the international capital and swap markets. Around 183 million will be securitized via credit-linked notes and the remaining risk of about 551 million is covered by a credit default swap.
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Bill Pulte, regulator and conservator of entities that buy and securitize many mortgages, also reaffirmed he's 'not happy with" lenders' main score provider.
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Eagle + West is Brookfield's premier luxury building at Greenpoint Landing.
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BofA Securities, Australia and New Zealand Banking Group and Japan's SMBC Bank International are joint lead managers.
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The Senate advanced the One Big Beautiful Bill Act through a procedural vote, opening the legislation for debate followed by Monday's vote-a-rama.
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This transaction for 230 rental units follows a March $10 million affordable housing investment in Nevada Housing Division Mortgage Revenue Bonds.
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The largest U.S. banks took less of a capital hit under the Federal Reserve's hypothetical stress scenario than they did last year, but averaging the two sets of results could impact next year's regulatory requirements.
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