News and Information from Asset Securitization Report

The deal has a three-month prefunding period, which begins on its expected April 2 closing date, and assets transferred into the pool will be subject to concentration limits.

Regardless of whether a trigger is in place, A-1FCF will always receive principal first until that balance is reduced to zero, and then to A-1LCF until it is fully paid off.

For the second week in a row, the 30-year fixed increased by 11 basis points, Freddie Mac found, a result of reaction to oil price hikes from the Iran conflict.

Federal regulators issued proposals Thursday to implement the final elements of the Basel III accords, adjust the global systemically important bank surcharge and implement standardized approaches for risk-weighted assets. The changes would reduce capital requirements for banks of all sizes affected by the rules.

Slated to close on March 24, the deal is Capteris' second 144A term securitization and has a stressed cumulative net loss rates ranging from 25.14% to 7.75%.

The delay in its shareholder meeting to approve the sale to UWM Holdings could put Two Harbors back in play, but will it get the same price from another buyer?

Federal Reserve Chair Jerome Powell, in a post-FOMC meeting Wednesday, said he intends to stay at his post until a successor has been confirmed, adding that he will remain on the Fed board until a Justice Department investigation into him is concluded.

The global team combines industry-leading expertise to offer customized product solutions for clients in structured finance, collateralized loan obligations (CLOs) and alternative investments.

In an interview at ICE Mortgage Technology's annual conference, Bob Broeksmit also expressed skepticism of market dominance among just a few large lenders.

RATE 2026-J1 has a seasoned probability of default of 6.4% and 1.3% on the 'AAA' and 'B' rating stress levels, respectively.

The Federal Open Market Committee is widely expected to keep interest rates steady when it concludes its regular meeting tomorrow, but rising uncertainty about inflation in the wake of the Iran war is clouding the monetary policy outlook.

Hale Capital Management purchased Voxtur Analytics after a tumultuous past few years that included financial struggles, and rebranded it as Apex Analytics.

Borrowers' pledged currency remains held in custody and is ring-fenced. The collateral cannot be re-used to generate yield or secure any other type of financing.

A federal judge ruled that acting Consumer Financial Protection Bureau Director Russell Vought unlawfully refused to request agency funding from the Federal Reserve Board, dealing a procedural blow to a legal argument that the Fed can only fund the CFPB when it turns a profit.

Steady cash flows are attracting new capital to music royalty investments, including securitization, as issuers pursue deals with a broader range of artists.

FIGRE 2026-HF3 will repay noteholders on a pro rata basis but is subject to a provision that requires the deal to repay noteholders sequentially after a credit event.

Caution around the move is growing as focus has shifted to affordability, and current trading prices make near-term action unlikely, according to Wedbush.

Fitch notes that the pool's collateral quality is consistent with previous transactions. The current deal has a FICO score of 774 and a diverse segment and vehicle mix.

When the deal closes the indenture will be amended to allow it to issue liquidity funding notes, which will serve as a liquidity backstop to fund shortfalls in the liquidity reserve account.

The conflict pushed oil price futures above $100 a barrel for a short time earlier this week, which affected bond investors and the 10-year Treasury yield.

The number of homes with default notices, scheduled auctions or bank repossessions last month was down from January but up 20% from a year ago.

All tranches have lower levels of credit enhancement, compared with the AFRMT 2026-1 transaction.

The A2 tranche in the 2026-1 series will issue the bulk of notes $765 million, with an A- rating, and a March 2031 anticipated repayment date. Its legal final maturity date.

This is the first Carvana Auto Receivables Trust series to include new vehicles, with the percentage or loans on new cars at 2.65%.

CEO Anthony Hsieh said refinances should provide notable benefit to its direct lending unit a day after LoanDepot announced a return to the wholesale channel.

At an industry conference Tuesday, bankers said that an extended war with Iran will result in adverse economic conditions, including inflation.

Nonagency underwriting is expanding but the public sector is a different story due to recent performance issues, according to the Mortgage Bankers Association.

LendSure originated more than one third of the loans in the pool, while American Heritage Lending and The Loan Store represent 14.8% and 11.1% of the pool.

In the highest-priced housing markets, some buyers see adjustable-rate mortgages as the only loan they may initially qualify for, Cotality found.

The company dropped the broker channel just months after Frank Martell became CEO; now that Anthony Hsieh is running things again, LoanDepot brought it back.

Kalamata Offshore Feeder Fund II and Kalamata Onshore Fund, which have assets of $234.6 million, will provide performance guarantees.

Industry stakeholders say the Federal Reserve's renewed focus on reforming the discount window — the central bank's 'lender of last resort' facility — is welcome. But replacing the system with one that works better is easier said than done.

Borrowers had a WA FICO of 742, as new partnerships with equipment manufacturers, primarily marine craft and RVs, contributed higher-quality obligors to the pool.

The current series, STRE 2026-1, is expected to have a prefunded pool balance that is 31.1% of the aggregate pool balance, higher than the 20% balance on the STRE 2025-1.

The bank exited the $1.95-trillion asset cap last year, but it had remained subject to the rest of the eight-year-old order.

While this only shows a 2-basis-point rise in the 30-year fixed since last week, the Lender Price product and pricing engine data is 30 basis points higher.

The collateral pool consists of 1,318 mortgages, aggregated by Invictus Capital Partners from originators that include NewRez, and each accounts for less than 10% of the mortgage loans.

The global Purpose Brands umbrella includes Anytime Fitness, Orangetheory Fitness, Waxing the City waxing studios, and Bar Method, low-impact studio fitness.

Letters of credit sized to cover interest payments for six months, plus a cushion, help provide credit support to the notes.

The deal benefits from three accounts–a Funding, Expense Reserve and Interest Reserve. The Funding Account will fund draws and purchase additional loans.

The government-sponsored enterprises' oversight chief severed ties with the AI firm following President Trump's dispute with it over boundaries on military use.

Key measurements of small businesses' health remained stable in 2025, according to a new study by the 12 regional Federal Reserve banks. But those firms' optimism about the future reached its lowest point since 2020.

Underlying variable-rate loans were underwritten to the Chicago Mercantile Exchange (CME) Term SOFR or the average SOFR. Also, SMB 2026-A will not hedge the rated notes or the student loans in the trust.

Sens. Tim Scott, R-S.C., and Elizabeth Warren, D-Mass., released new legislative language Monday night that includes a ban on institutional investors' purchase of single family homes and a temporary ban on the Federal Reserve issuing a Central Bank Digital Currency.

As the Trump administration limits access to only U.S. citizens, volume in the Small Business Administration's flagship loan program is already trailing the 2025 pace. Experts predict that the tighter eligibility criteria will send more loans to nonbanks.

The latest Fidium issuance has an implied 170% haircut, and the debt multiple, relative to its net cash flow on the rated classes, is 10.2x.

The investment managers new deal launches into a healthy aircraft market.

MBS numbers at both soared in January, when Trump directed the enterprises to accumulate more bonds, but a decline in loans shrunk Freddie's total number.

Many credit drivers are stable; agencies are being vigilant about several macroeconomic factors that might destabilize borrowers' ability to keep servicing their auto loan debt. One is student loan debt.

MBS buying has become the near-term focus but a 2026 offering is still possible, Federal Housing Finance Agency official Bill Pulte told Fox Business.

Senate Majority Leader John Thune, R-S.D., moved to consider the housing package next week, but it's not clear what version of the bill senators will be voting on as the House, Senate and White House are still negotiating priorities.

For the first time since early September 2022, the Freddie Mac Primary Mortgage Market Survey has the 30-year below 6%, but the 15-year gained this week.

First liens and junior liens account for 197 and 1,755 of the pool, respectively, DBRS said. They have unpaid balances of $30.5 million and $217 million, with FICO scores of 747 and 740 on a WA basis.

The Loan Store originated the largest portion of mortgages in the pool, 10.3%, according to Fitch, while an array of other lenders accounted for the rest.

After a long price correction in the art market, Bank of America is expanding its advisory services for collectors — and it's not alone.

Total consumer debt in the United States hit $18.2 trillion by the end of last year, with $12.8 trillion attributed to first mortgages, according to Equifax.

Underwriting relied heavily on alternative documentation, led by debt-service coverage ratios (35.7%) and bank statements ranging from 12-23 months (28.2%) and longer than 24 months (4.6%).

Judges on the U.S. Court of Appeals for the District of Columbia struggled to find a resolution to an injunction issued last year that halted reductions-in-force by the Consumer Financial Protection Bureau.

At press time no injuries were reported, but exhibitors were relocated to satellite booths throughout the venue, the Aria Resort & Casino.

Federal Reserve Gov. Lisa Cook said AI could boost productivity, but warned the transition may raise unemployment and force difficult tradeoffs between inflation and jobs.

After closing, which is expected on February 27, coupons are expected to pay coupons of 4.83% on the notes rated AAA and 5.04% on the AAA-rated A1LCF.

The index will provide market professionals with consistent, transparent and dependable methods of evaluating performance and risk across the securitized credit markets.

Gatti will be based in the firm's Washington, D.C. office, where he focuses on structuring and executing asset-backed securities deals and other structured finance transactions.

Customers with a FICO of at least 700 accounted for about 75.3% of the PV systems by the aggregate discounted solar asset balance (ADSAB).

The CFPB is in an existential legal brawl against it's own acting director, Russell Vought, and President Donald Trump, whose confirmed goal is to kill the agency.

In a letter to regulators, the consortium of organizations recommended regulatory changes affecting a range of rules from risk weights to warehouse financing.

GSMBS 2026-PJ2's losses are based on a senior-subordinate, shifting-interest structure and Fitch expects a 10.3% final probability of default in the AAA rating stress.

The Buffalo-based bank didn't specify the size of potential losses from a suit that grew out of the collapse of subprime auto lender Tricolor Holdings. M&T said its trust subsidiary will "vigorously defend itself" against claims by investors who allege that it should have protected them from alleged fraud.

The increase in borrower activity came as housing starts ended 2025 on a high note, while mortgage rates were a percentage point lower year-over-year.

Interest payments on the class B notes might be deferred to allow the interest and principal on the class A notes if a sequential interest amortization period is in effect.

While the Freddie Mac survey recorded a weekly decline, the benchmark 10-year Treasury yield had moved back up by 6 basis points around midday on Thursday.

As finance chiefs feel the pressure to include AI in business models and work flows, the ABS industry is responding with leaner internal operations and reduced human errors.

Leverage is moderate on the assets, noting that the series A, B and C notes have loan-to-value (LTV) levels of 72.4%, 831% and 96.8%, respectively.

Federal Reserve Vice Chair for Supervision Michelle Bowman said in comments Wednesday that the central bank plans to publish its Basel III endgame capital proposal for public comment before the end of March.

A White House Council of Economic Advisers report published Tuesday found that the CFPB cost consumers between $237 and $369 billion since its creation, an analysis that consumer advocates and some financial academics say is flawed.

Bergman sees record-pace changes in capital markets, as reforms fuel securitization growth.

In a speech Tuesday, Federal Reserve Gov. Michael Barr said it was possible that artificial intelligence will boost productivity in an undisruptive way. But he said policymakers should also be wary of a financial crash if those gains are not realized or a rapid adoption that could lead to labor displacement.

If the senior leverage ratio is between 4.00x and 4.50x, then the transaction will pay down all outstanding class A2 note principal with 40% of all excess cash flows.

Justine Leigh-Bell will lead AFII's strategic direction and collaborate with asset owners and managers to integrate climate and nature factors into fixed-income portfolio construction.

Large and mega investors accounted for 5.8% of all single family-home purchases in December, up from 4.8% at the same time last year, according to Cotality.

The deal is the cell tower sector's largest-ever securitization and features its first single-B rated tranche.

Fannie Mae and Freddie Mac will add loan-level buydown data to MBS this spring, giving investors clearer insight into prepayment risk tied to temporary rate incentives.

The Consumer Financial Protection Bureau's complaint portal has been flooded in recent years, but corporate debt collectors, industry attorneys and consumer advocates question whether the bureau's efforts to reduce the volume will help consumers as much as it helps the firms they're complaining about.

Point Digital Finance originated the underlying home equity contracts, composed of first lien (11.1%), primarily second-lien (82.9%) and third liens (5.81%) on residential properties.

A much shorter liquidity horizon could draw back the biggest banks, increasing liquidity and tightening spreads.

He will advise clients on securitization, structured finance, secured lending and receivables transactions, on his second time with the company.

A House subcommittee hearing discussing the future of the government-sponsored enterprises, noted both are still severely undercapitalized.

SEMT 2026-2, will repay investors through a senior-subordinate structure, with a shifting-interest structure.

Adjustments related to higher credit risk weights for new acquisitions and rate shifts offset increases in the government-sponsored enterprise's core earnings.

The Bureau of Labor Statistics issued its delayed January employment report Wednesday morning, showing the economy added 130,000 jobs in January. But the agency also sharply revised its estimates for total jobs created in 2025 to 181,000 from 584,000.

The SASB refinances a $900 million whole loan securitized through LBTY 2016-225L, for renovations and modernizations.

Borrowers in the lowest-income areas have seen their 90 or more day delinquency rates soar since 2021, jumping from 0.5% to nearly 3%, the New York Fed said.

Delinquencies on credit-card debt mostly held steady at the end of last year, but certain groups of consumers are faring better than others.

Investors expect economic growth to start accelerating this month and continue through April, as consumers benefit from tax cuts.

The Government Accountability Office was tasked with investigating the Consumer Financial Protection Bureau's stop-work order, but CFPB officials refused to meet with or provide information to Congress' investigative arm.

Total initial credit enhancement increased to 11.40% for the class D notes, from 11.25%. It also decreased for classes B, C and E, and levels on the class A notes stayed the same.

Federal Reserve Vice Chair Philip Jefferson said in a speech Friday that long-term productivity gains brought on by artificial intelligence could compel the central bank to maintain higher rates to keep prices stable.

The highly diversified pool mix consists of 29 different aviation asset types, with a third being new and emerging technology aircraft, and 45.7% are current technology aircraft.

The secondary market regulator will formally publish its own rule on Feb. 6, after a comment period and without making changes to what it proposed in July.

The deal will not make any principal payments during the revolving period unless it needs the cashflow to maintain the required overcollateralization amount.