Morningstar

More than $4 billion of collateralized loan obligations on commercial real estate received a modification in the three-month period, compared with about $1 billion in the first quarter

Sunnova Energy in Houston plans to issue $158 million in asset-backed securities (ABS), its second term ABS securitization that relies on investors trusting its solar-loan-origination acumen, rather than its loan history.

GameStop's plan to shutter up to 200 stores could adversely affect commercial mortgage-backed securities loans with a combined allocated property balance of almost $42 million, according to Morningstar Credit Ratings.

The commercial mortgage-backed securities sector will weather the fourth quarter's slowing but steady growth in the U.S. economy, as better loan performance counters a continued decline in volume, Morningstar said.

The firms jointly announced that Erin Stafford will head the NA commercial mortgaged-backed securities ratings team and Quincy Tang will lead the residential MBS group. Stafford and Tang currently hold similar roles with DBRS.

The large number of overleveraged commercial mortgage-backed securities loans coming due in 2019 is likely to cause the payoff rate to drop an additional 9 percentage points by December, a Morningstar report said.

The investment research firm plans to merge DBRS' ratings business with its existing Morningstar Credit Ratings Service.

Plans to begin rating securitizations backed by fix-and-flip mortgages may help lenders create new capacity and satisfy growing demand for short-term financing of house flipping projects.

CBAM, the leading CLO issuer by volume in 2017, had a shorter non-call for its senior-note stack; Apex has split the AAA paper into three variable-priced tranches.

Grow was previously director of MBS and ABS securities; he replaces VIckie Tillman, who retired in December after overseeing the company's expansion into a diversified credit rating agency.

Returns for equity investors are increasingly under pressure because of demand for the underlying loan assets, but strategies to boost returns can investors in other CLO securities at risk.

Facing increasing concerns about consumer protections, the Property Assessed Clean Energy industry is embracing the kinds of underwriting and disclosure standards more commonly associated with residential mortgages.

Roughly 52% of the properties backing Tricon American Homes 2017-SFR2 were obtained through the May acquisition; 19.4% were previously securitized by Silver Bay.

A company official says Ygrene's $280.4 million GoodGreen 2017-2 was more than two times oversubscribed with a lowest-ever coupon for a property assessed clean energy deal.

The two investment firms recently obtained $1.1 billion in loans from Goldman Sachs and Deutsche Bank to purchase a 48.7% stake in the property from New York REIT, which previously owned 98.8%.

The $75 million deal is backed by financing for a variety of property types, including office buildings, manufacturing facilities and hospitals; it was privately placed with TIAA Investments.

The 4,443 single-family rental homes securing Starwood Waypoint Homes 2017-1 have an average age of 30 years, older than any previous transaction by the sponsor, but are bringing in more than $1,700 apiece in monthly rent.

The bonds are supported by the monthly income stream and underlying property values of 3,480 single-family rentals, most of which Tricon acquired from Silver Bay Realty Trust in a February merger.