Securitization

Prefunding in securitization transaction structures is credit negative because it introduces a risk to ABS investors, according to Moody's Investors Service.

One of the biggest liquidations for a TOP CMBS with a significant loss severity, at 86% or $51.2 million, has occurred.

DebtX, Boston, has been hired to sell roughly $334 million of troubled acquisition, development and construction loans for a bankrupt real estate fund.

Recent mortgage finance legislation proposals have highlighted some good solutions toward weaning the mortgage market off the government.

The Inspector General's (IG) office of the Federal Housing Finance Agency (FHFA) is taking bids on a contract to evaluate mortgage servicing rights, according to a 'request for proposal' (RFP) being circulated around the industry.

The Federal Housing Finance Agency (FHFA) is urging a U.S. district court to block the city of Chicago from enforcing an ordinance that could increase the cost of maintaining foreclosed properties controlled by Fannie Mae and Freddie Mac.

There are clear signs of stabilization in nonperforming loans (NPLs) in the European Union (EU) after the short-term rises seen from 3Q08 to 3Q09, according to the European Mortgage Federation’s (EMF) updated study.

Interactive Data recently analyzed October agency TBA market activity based on Financial Industry Regulatory Authority's (FINRA) Trade Reporting and Compliance Engine (TRACE) data.

Lewtan is offering Bank of England (BofE)-compliant cash flow models for the U.K. RMBS market.

Third-party review firm Allonhill today announced hired Tammy Schiff as chief marketing officer.

Ashford Hospitality Trust, Dallas, has restructured and extended the maturity date on a $203.4 million mortgage loan that was originally due this month.

A10 Capital hired Chuck Taylor to head Southeast markets for the firm.

The European securitization market remained open for business despite the looming threat the impending sovereign downgrades can have on deals.

HARP 2.0's first phase is now underway. Seller/servicers that control GSE MSRs appear to be in the best position when it comes to refinancing high LTV Fannie Mae and Freddie Mac loans.The GSE regulator and Obama administration officials had hoped to make the process more competitive, allowing “new” seller/servicers to refinance loans controlled by others. But it now appears that servicer-against-servicer competition won't get under way until March when the GSEs get around to updating their automated underwriting systems to accommodate Home Affordable Refinancing Program revisions.

Interactive Mortgage Advisors (IMA), Denver, is auctioning off a $186 million bulk package of Ginnie Mae servicing rights.The seller's identity was not disclosed. A majority of the loans were funded in the mid-Atlantic and New England area and is heavily weighted toward New York, Massachusetts, and New Jersey.

U.K. mortgage origination is unlikely to grow more than marginally next year thanks to economic uncertainty and steep borrowing costs faced by originating banks, according to a release by Standard & Poor's. As a result, the agency estimates that the volume of RMBS placed with investors in 2012 could hover around €45 billion ($60 billion), a hair over this year's figure.

Next year there will be a worsening of covered-bond issuer credit quality and a continued deterioration in the sovereingns' financial condition.

Fannie Mae recently told its seller/servicers that all mortgage insurance rescissions, cancellations and claim denials tied to loans it bought must be reported to the agency immediately.

The drop over 3Q11 of commercial and multifamily loans is a credit positive for CMBS, according to Standard & Poor's in a note released this morning.

CRE debt and equity provider CWCapital hired Todd Trehubenko as managing director in multifamily based in its Needham, MA office. The firm is a subsidiary of CW Financial Services.