Securitization

Pepper Residential Securities Trust No. 25 is relying on rigorous servicing to ensure the performance of its collateral of low-doc, high-loan-to-value loans made to borrowers with unfavorable credit records, according to details from an S&P Global presale report.

Triton Trust No.8 is issuing approximately A$500 million in pass-through securities backed by prime residential mortgages in Australia, with a substantial amount of loans that are made to investors, 40.4%, according to an S&P Global presale report.

Tetragon's announcement reveals the firm will complement its equity strategy by also focusing on the debt-note structure of deals, in hopes of gaining returns on the performance lowest-rated mezzanine and subordinate tranches.

Ginnie Mae is looking for input on its proposed guidelines for electronic promissory notes and other mortgage documents that it plans to test through a digital collateral pilot.

Mosaic Solar Loan Trust 2019-2 is bringing to market $208 million in asset-backed securities that are secured by residential solar consumer loans.

The loans underlying the $465 million securitization that OBX 2019-EXP3 Trust is launching will provide a test of the market’s willingness to accept concentration risk in a high-quality pool of mortgages.

First-lien, prime residential mortgages are securing the Visio 2019-2 Trust, which will raise $202,682,000 from the market, and which has collateral that was funded by the Mortgage Pass-Through Notes, Series 2019.

In a hefty commercial mortgage-backed securities transaction, BANK 2019-BNK22 is preparing to launch a $2.3 billion deal secured by 58 CRE loans on a wide mix of properties, including co-ops, offices and multifamily.

The outlook for hotels and suburban offices is still questionable, but the prognosis for other property types in the securitized commercial real estate market remains fairly strong, according to Moody's Investors Service.

The PSMC 2019-3 Trust is bringing $298.6 million in notes to the market, backed by residential mortgages rounded up by subsidiaries of American International Group.

CommonBond is coming to the securitization market again with another trust that uses the highly selective prefunding period feature to issue notes backed by private, refinanced student loans.

CarMax Auto Owner Trust, 2019-4 is bringing $1.1 billion to the asset-backed securities market with slight decreases in overall credit enhancements. Yet those credit enhancement changes reflect a stronger pool of loans, not increased risk-taking.

The $757.2 million Chase 2019-CL1 will be structured to sell notes that are tied to a reference pool of 979 residential mortgage loans – all of which will remain on JPMorgan’s books rather than being transferred to a trust.

The housing finance industry supports a proposed rule revision that would exempt banks regulated by the Federal Deposit Insurance Corp. from an RMBS disclosure requirement.

Air Lease Corp. is making a straightforward trip to the asset-backed securitization market with two trusts that will raise $437 million to purchase aircraft for its aircraft lease and management business.

GameStop's plan to shutter up to 200 stores could adversely affect commercial mortgage-backed securities loans with a combined allocated property balance of almost $42 million, according to Morningstar Credit Ratings.

The $450 million DT Auto Owner Trust 2019-4 has a pool balance of $519.7 million, an average balance of $17,125 per account and an 84.21% share of loans with terms over 60 months.

According to Kroll, this is the middle-market lender's first securitization of growth-opportunity loans made to venture-capitalized software firms that have yet to develop earnings or substantial assets.

According to presale reports, the fixed-rate loan collateral in Angel Oak Mortgage Trust 2019-5 makes up 77.8% of the new collateral, compared to just 35.5% in Angel Oak’s previous deal that priced in July.

The $50.4 million participation is the largest loan in UBS' next $807.3 million commercial mortgage securitization.