RMBS

Jeff Weinstein and Patrick Lampe join from the Chicago office of Sidley Austin; Morgan Lewis partner Philip Russell is relocating from the firm’s New York office.

Santander has commonly offered multicurrency (dollar and pound-sterling) notes through its Holmes master trust platform.

Annaly Capital Management will be able to proceed with a delayed exchange offer needed for its acquisition of MTGE Investment Corp. because it has been able to satisfy incomplete deal conditions.

New investor appetite for mortgages over $1 million is motivating more nonbank lenders to offer super jumbo loans, often with weaker credit terms than traditional banks.

The expiration of Annaly Capital Management's offer to purchase MTGE Investment Corp. was delayed until Sept. 7 so the two real estate investment trusts have more time to satisfy deal conditions.

Similar to the sponsor's prior transaction, however, the collateral includes a large portion of loans underwritten using bank statements to verify borrower income: 49%.

The $653 million Bellemeade Re 2018-2 is being rated by both Fitch Ratings and Morningstar Credit Ratings, though Fitch sees more risk to the transaction.

Rather than set a new date, the trade group will supplement the agenda at a residential mortgage finance symposium to take place in New York in late October.

AmeriHome GMSR Issuer Trust, consists of $155 million of fixed-rate, five-year notes and $500 million of two-year variable funding notes; it is modeled on deals by PennyMac.

The mortgage servicer plans to add PHH advance receivables to the collateral once the acquisition closes, though these will only account for around 6% of the total pool.