Securitization

The collateral consists mainly of older homes that average 53 years (with a range of one to 129 years old). None of CoreVest’s SFR transactions since launching the platform in 2015 have eclipsed that average.

The concentration of loans and CLOs in a small number of banks "may result in pockets of vulnerability," the report stated.

Despite rising delinquency levels, borrower performance on the underlying mortgages in GSE credit-risk transfer securitizations is strong enough to warrant ratings upgrades to more than half of nearly 1,200 outstanding note classes.

The $354.9 million Battery Park CLO Ltd. is a broadly syndicated loan portfolio that is the first “CLO 2.0” deal sponsored by Goldman Sachs Asset Management (GSAM).

The Italian bank is reportedly close to completing the sale to Cerberus Capital Management, Bank of America and Illimity Bank SpA.

The deal is backed by an underlying pool of 1,724 fixed-rate mortgages originated by Blackstone-owned Finance of America Mortgage.

The publicly traded real estate investment firm is backing the securitization via Citi with 156 properties in 28 states.

Revisions to S&P's CLO ratings methadology and Kroll's launch into rating European CLOs could challenge Moody's as the first choice for managers across the pond.

Because automated valuation models have not been subjected to a stressed housing market, their increased use holds negatives and positives for residential mortgage-backed securities credit quality, a Moody's report said.

Blackstone's real estate affiliate and property management firm SITE Centers Corp. acquired the 12 centers across seven states in 2014.

A DBRS report states rising concentrations of light-duty truck collateral adds risks to vehicle securitization portfolios, but risk may differ among ABS types.

The loan covering single-tenant distribution/fulfillment centers is the largest obligation in the transaction being rated by four agencies.

The move to an electronic platform may transform auctions to let investors offload holdings faster. The goal is to fix a part of the market that isn’t functioning as well as it could, says a Citi managing director.

The mortgage agency has hired Eric Blankenstein, who sparked controversy while at the consumer bureau over past revelations of racially charged writings.

Kroll this week withdrew ratings on the defunct subprime auto lender's loan securitization, which had undergone multiple downgrades.

Alternative investment manager Pretium plans to buy Deephaven, a residential mortgage-backed securities issuer that operates outside the qualified mortgage market, from Varde Partners.

S&P says investors are asking more questions about how rising levels of self-storage property collateral is affecting conduit CMBS transactions.

Cerberus affiliate FirstKey Mortgage will pool outstanding first- and second-lien loans totaling $277.7 million drawn from 1,732 seasoned and performing HELOCs.

Ford Motor Credit is among the first ABS issuers to backstop the impending demise of U.S.-dollar Libor with a Fed-endorsed SOFR term rate, since a Fed working committee finalized voluntary guidance on a benchmark replacement.

Foursight's first deal of 2019 has a rising 36.6% share of subprime borrowers from its lower-tier loan programs.