Securitization

BHG tightened income fraud mitigation with a 16-member fraud management team to address increased losses through its consumer digital channel.

Banks have been struggling to offload $15 billion of debt commitments that they agreed to provide in January to help finance the buyout of the software company.

The transaction requires that a minimum of 85.0% of the loan borrowers be based in the U.S. or Canada, while up to 60.0% of the collateral can be covenant-lite.

The plan is likely to incentivize borrowers to swap older, bank-owned loans that don't qualify for the benefits for new loans that do qualify as Direct Loans.

Bond credit enhancement has benefited from historically higher-than-average prepayment speeds and low realized losses despite a COVID-related rise in delinquencies.

The new loan forgiveness program should lessen maturity risk by lopping off a chunk of the student loans, accelerating payments to lenders.

Fitch expects MPR performance to remain strong compared to historical levels "with some moderate normalization" toward 2019 levels.

For multi-borrower SFRs, realized losses as a percentage of original balances was less than 1.0% on loans that were in foreclosure or in special servicing.

Critics of QE may downplay its effect on the economy, but it is generally accepted that the policy provided a boost to financial asset prices, especially during times of market stress.

The securitization law includes an extensive pledge to bondholders, including that it will not allow the value of the restructuring property to be impaired or altered.

The Fed's accelerating efforts to trim its balance sheet are adding more weight to bond prices. Powell may take rates even higher than current pricing suggests.

The transaction will feature a two-year revolving period, compared with the earlier OMFIT 2022-S1 deal, which has a three-year revolving period.

DBRS considers 61.6% of the pool to had been modified about two years ago, but did not consider deferrals or forbearance because of pandemic related hardships.

Even Larry Fink, BlackRock's chief executive officer, has been known to mix up ESG with SRI. And now so is Texas, in an interesting twist on the theme.

On average, 72% of its rated issuers' top 10 tenants, by rental revenue, either have investment-grade ratings or a parent company with an investment-grade rating.

Market participants from Tokyo to Sydney are axing dinner plans and sacrificing weekend activities to prep for what could be a rocky Monday trading session.

The underlying collateral's interest rate has raised the transaction's expected annual gross excess spread, at 4.01%, compared with 3.80% on the CRVNA 2022-P2.

ESG is still a relatively new investing form, and the acronym itself has only existed for less than two decades. But over the past five years, it has outperformed.

The Treasury Department over the past year has deeply cut the size of its 20-year auctions. Yet last week, a $15 billion sale of new bonds -- the smallest yet -- still drew weak demand.

In terms of credit, the underlying secured loans have an indicative weighted average recovery rate of 76.1%, according to Fitch.