RBSGC expects that triple-A cards and autos will widen modestly as the war comes to a conclusion and until regulatory matters clear up. Expects HELs will fare better, in spite of OASs. RBSGC also believes that credit sectors and tier-two and three issuers will be in more demand. However, until the economy stops shedding jobs, recommends diligence in these sectors. Says extension risk is becoming a more prominent issue, and prefers credit-impaired collateral that demonstrates less negative convexity. RBSGC likes 5- and 7-yr student loans, and Australian Mortgages and urges investors to look at non-bank Australian lenders for diversification.
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Price growth is decelerating but still driving historic home equity gains for owners and widening the gap between the haves and have-nots in housing, ICE finds.
May 6 -
Under the capital structure the senior notes will be repaid on a pro rata basis. Otherwise, the notes in the structure will benefit from excess spread and a senior-subordinate structure.
May 6 -
Both pools have exposures to large dealers, so losses could be more pronounced if one dealer goes bankrupt, while both series have revolving periods, when noteholders will not receive any principal.
May 3 -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
May 3 -
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
May 3 -
Subordination provides credit enhancement to the notes, as well as deposits in the reserve and redemption accounts.
May 3