News and Information from Asset Securitization Report

With a shifting pool mix, concentration limits and other restrictions applied to the new assets, Fitch gives the overall deal a 15.2% base case default expectation.

The Trump administration is seeking to fire roughly 90% of the Consumer Financial Protection Bureau's staff and is fighting for that right in court. But if the administration prevails, can other consumer protection authorities from other federal regulators pick up the slack?

OWN Equipment Fund has nine different equipment types that make up 96.39% of the pool's Net Orderly Liquidation Value (NOLV).

None of the economists surveyed by Wolters Kluwer predict the Fed will cut rates at this week's meeting, few expect one in July and 41% said after September.

In 2021, banks pledged to wind down their support for oil and gas. Last year they made a $162 billion U-turn, according to a new report from a coalition of advocacy groups.

There is also a significant portion of mortgages secured by investment properties, 44%, and overall 47.5% of the collateral pool is composed of non-qualified mortgages.

The notes will be repaid sequentially, and with subordination, a reserve account that can be replenished and overcollateralization, the notes receive greater credit enhancement over time.

Buy now/pay later provider Sezzle has filed a lawsuit against Shopify, alleging that the e-commerce giant engaged in antitrust practices by making it difficult for merchants to integrate Sezzle's BNPL offering into their websites.

A survey from Redfin reveals that Americans are unsure about how President Trump's policies will affect home prices.

The industry's biggest opportunities involve the evolving cost of capital, which will shift funding sources from the private, local lending markets to institutional sources.

The deal includes a replenishment mechanism that allows subsequent drawdowns on existing mortgages.

Secondary market interest in home equity contracts is drawing new participants, with 2025 securitization activity ahead of last year, industry leaders said.

A Trump-appointed judge refused to dismiss a settlement between the Consumer Financial Protection Bureau and a Chicago mortgage lender over lending practices that an appeals court already said violated the Equal Credit Opportunity Act.

A cumulative net loss trigger and a material modified loan ratio trigger will direct all available funds to the note principal payment if they are breached.

The Trump administration's fiscal 2026 budget carries over 7(a)'s $35 billion funding authority for a fourth consecutive year, even though lending has grown significantly

All the notes benefit from credit enhancement equaling 4.75% of the note balance, an initial reserve account representing 0.50% of the pool balance.

The past two Federal Reserve vice chairs for supervision failed to implement the final installment of the Basel III capital framework. Newly installed Vice Chair for Supervision Michelle Bowman is taking a new approach to the thorny question of bank capital.

ExteNet's capital structure maintains cash flow by including cash trapping and cash sweeping conditions.

The government measure of inflation for May ticked up modestly, adding to the signals that the Federal Reserve is unlikely to move on interest rates when it meets next month.

The Trump administration's plan to fire 90% of the staff at the Consumer Financial Protection Bureau has raised constitutional questions about whether courts can decide whether a president is taking "care that the Laws be faithfully executed."

The deal is secured by a portfolio dominated by mortgage loans considered non-qualified or exempt from ability to repay rules.

While lenders have come out with more products for the spring season, rate lock data finds buyers still hesitant to act because of high mortgage rates.

DBRS noted that about 90.5% of the 4,011 loans receive payment through Automated Clearing House, which boosts payment capture rates and minimizes cash handling.

Michelle Bowman has officially taken the reins as the Federal Reserve's top regulatory official, giving her the ability to advance policy proposals.

TALNT 2025-1's notes benefit from initial hard credit enhancement that totals 6.33% of the note balance.

The Federal Deposit Insurance Corp. has sent a draft proposal to revise the supplemental leverage ratio to the Office of Information and Regulatory Affairs as a first step toward revising the leverage rule.

Credit support to the bonds range from 28.48% to 32.30%. They provide coverage of about 3.0x-3.4x of its base-case net loss in the 'A' stressed, break-even cash flow scenarios.

The Consumer Financial Protection Bureau pinpointed five rules that it wants the White House budget office to review. Details, however, are sparse.

All the senior notes—including A1, rated P1 and A2 through A4, rated Aaa—benefit from total initial hard credit enhancement equaling 4.80% of the pool balance.

The U.S. economy added 139,000 jobs, a healthy clip that counters the president's calls for a rate cut to bolster the labor market.

Loans with alternative documentation and high combined loan-to-value ratios had more performance concerns, according to a new KBRA study.

The vehicles comprise the overcollateralization (OC), because of a highly liquid secondary market for them. That OC rate will shift according to the fleet mix.

Even with the four basis-point drop, the 30-year fixed rate mortgage remained at levels last seen in February as the Spring homebuying season reaches its climax.

At the Denver firm, Brooks will expand its capabilities in real estate lending and structured finance.

Non-residential customers accounted for about 56.4% of Kentucky Power's revenue, a potential credit risk because it is closely tied to business cycles.

The Senate voted to confirm Federal Reserve Gov. Michelle Bowman's nomination to be the vice chair for supervision at the central bank in a 48-46 party-line vote.

Willis Engine Structured Trust, VIII, sells its fixed-rate notes through two tranches, all with a legal final maturity date of June 2050.

The Treasury market experienced unexpected volatility in April after President Trump announced sweeping tariffs, but recovered after the moves were delayed. Some see that as proof of resilience in the market, but others say it highlights vulnerabilities.

On a cumulative basis, advance rates on the notes range from 95.4% on the A1 notes to 121.8% on the class M5 notes.

Acting Comptroller of the Currency Rodney Hood signals rollback of key safeguards like the supplemental leverage ratio, aligning with administration's push to ease bank capital demands and spur credit.

The product, as well as the housing market, is different today than what it was two decades ago, where some feel it was a cause of the financial crisis.

The whole business securitization will issue notes through four classes of A, B and C notes, and uses a master trust structure, so it can issue additional classes.

The notes get credit enhancement from overcollateralization and a reserve representing 4.75% and 0.25% of the pool balance, respectively.

Federal Reserve Gov. Christopher Waller said changes to the Federal Open Market Committee's quarterly economic projections could lead to clearer communication with markets and market participants.

The transaction's pool of 365 fixed-rate mortgages, all first lien, breaks down to mostly non-agency loans (61.4%). The rest, 38.6%, are agency eligible.

The Federal Reserve's preferred measure of inflation moved closer to the 2% target last month, but the impact of tariffs remains to be seen.

Most of the contracts in Point Securitization Trust, 1,750 (81.64%), are second-lien as of the cut-off date.

However, with the market continuing to shift more in favor of homebuyers, home prices should move lower, aiding affordability in the weeks ahead.

The Federal Reserve chair said he made no commitments on the central bank's next monetary policy adjustment, only that the decision would be made based on incoming data.

Elon Musk, formerly head of the Department of Government Efficiency, said he will officially leave the federal government after a short but tumultuous tenure. DOGE's actions at the Consumer Financial Protection Bureau are being reviewed in federal court.

1988 Asset Management has priced and closed $2.5 billion in CLOs in the U.S., and the partnership expects to issue CLOs regularly in Europe.

Several features, including a couple of cash trapping mechanisms and a rapid amortization feature, help maintain cashflow to the notes.

The deal priced at 335 over, beating expectations for the transaction to price at 350 over, due to bond market volatility.

Bill Pulte and the government-sponsored enterprise's chief executive will be working with a firm that analyzes big data and utilizes artificial intelligence.

The transaction is the fourth of its type the company has done this year through the partnership it has had with Crosscountry Mortgage since late 2022.

Citadel Credit Union is joining the small cadre of credit unions active in the Small Business Administration's biggest loan program as it seeks to expand in its small-business-rich footprint.

Stream Innovation 2025-1 also has a two-month prefunding feature, and during that time the $199.6 million in receivables is slated to expand to $249.6 million.

This potential transaction would be part of a broader trend of mortgage lenders and servicing players converging, such as Rocket's recent acquisition of Mr. Cooper.

Federal Reserve Gov. Lisa Cook said in a speech Friday that the market's response to recent volatility shows resilience, but more study is needed about the financial stability implications of business relationships between banks and nonbanks.

Tariff uncertainty could boost lender leverage to incorporate protection against LME proliferation

The notion that the enterprises could be a source of revenue has led to a suggestion that the funds from a public offering could be reinvested in housing.

All the notes have credit enhancement totaling 28.3% of the pool balance, rating agencies said.

Bond yields are shooting up for the second time in as many months. Federal Reserve Gov. Christopher Waller attributes the volatility to concerns about rising national debt levels.

The deal has a prefunding period through July, when more non-prime collateral can be purchased and added to the pool.

There are 22,704 contracts in the collateral pool, which lends itself to high diversification. The top 5 obligors account for just 0.4% of the pool.

Increases in gross domestic product and home sales expectations compared with April are the drivers of Fannie Mae's latest mortgage outlook for 2025 and 2026.