Securitization

Invitation Homes 2018-SFR4 recycles collateral from Colony American Homes 2015-SFR1 (53.9%) and Colony Starwood Homes 2016-SFR1 (46.1%).

It seems a lot of CLO managers who were worried about competing amid heavy supply in the fourth quarter have put issuance on hold until 1Q 2019.

Like recent Federal Education Loan Program securitizations from Nelnet and Navient, it has meaningful exposure to rehabbed loans and loans in income-based repayment plans.

The $310.74 million transaction is also the first backed entirely by loans originated by New Penn that Fitch has rated since 2013.

Rating agencies are sparring over a new feature in a private-label RMBS that upends the relationship between senior and sub bondholders.

The credit quality of loans backing the Cailfornia-based lender's $183 million securitization is better than that of its inaugural deal, which was only rated 'A' by Kroll.

Donald Layton, who has run the mortgage giant since 2012, discussed the busy agenda leading up to his departure and says Freddie can serve as a "technical adviser" in GSE reform talks.

The $286.4 million deal is an important test for Upgrade, which has raised $142 million of equity over the past two years but has yet to turn a profit.

The mortgages being reinsured are more seasoned than most other deals rated by Morningstar, which helps offset the risk of lower initial weighed average LTV.

S&P also upgraded five more senior tranches of the deals citing paydowns, which in one CLO was accelerated by the diversion of interest from sub notes.

The $462.3 million VMC 2018-FL2 will be backed by 25 properties, two of which will be acquired after the deal closes.

Fitch Ratings and Moody's Investors Service each rate a single collateralized loan obligations with exposure to debt of the former retail giant.

The rating agency feels that “late-cycle credit behavior” is allowing less established issuers to rely on the securitization market more heavily for funding.

The REIT is purchasing another $500 million of credit risk transfer notes through Fannie's L Street Securities program; this is its first deal rated by Fitch.

The reinvestment period of $457.8 million Palmer Square CLO 2013-2 is being extended for another four years; there are also changes to the capital stack.

Higher-cost loans, less seasoning and rising APRs have pushed average loan balances beyond $28K.

The senior tranche of Oak Hill European Credit Partners VII has an assumed coupon that is inside of the market average for September.

Refinance loans account for just 21% of the collateral, and even among those borrowers, just under half have advanced degrees.

The collateral for the new notes will revolve over a period of two years; during this time, the notes will pay only interest and no principal.

The fifth SDART deal of the year benefits from the same improvement in credit quality as other recent transactions from the platform.