Investments

The third-quarter forbearance rate of the refinanced private student loans fell to 2.58% from the 8.36% average during the second quarter of the year – which is an approximate 70% decline.

Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 28-Dec. 3

Fannie hasn't completed any credit risk transfers to private investors since the second quarter. Some experts worry the decision — likely spurred by the company’s concerns about a recent capital regulation — could put the mortgage giant on unsteady footing.

The transaction involving 345 high-balance mortgages is just the third sponsored by Morgan Stanley's mortgage acquisition and trading arm since the financial crisis more than a decade ago.

The $310.47 million GLS Auto Receivables Issuer Trust 2020-4 collateralizes 13,316 loans with an average borrower FICO of 573. That is lower subprime territory, but is slightly higher than any of GLS’ most recent securitizations, according to a report from DBRS Morningstar.

Even government-sponsored enterprise loans, which have seen forbearance rates drop for 24 weeks in a row, saw a slight uptick.

The third offering of bonds secured by non-guaranteed private student loans has a senior-note weighted average life of just 3.44 years, compared to over five years each for two prior Navient SLABS deals this year.

Other portions of the casino-property loan have been previously assigned to nine other commercial-mortgage securitizations.

The WA FICO of 710 contrasts with the range of 554 to 635 in recent Carvana securitizations centered on subprime borrowers.

DCI, which oversees about $7.5 billion in assets, will become a part of Blackstone’s $135 billion GSO operation, which was recently rechristened Blackstone Credit.