Securitization

S&P considers the $1.034 billion lease securitization among the "most diversified" in lease-end concentrations, limiting the impact of future declines in residual values as cars come off lease.

UBS Group sold tens of billions of dollars' worth of residential mortgage-backed securities by "knowingly and repeatedly" making false and fraudulent statements to investors about the loans backing those trusts, the U.S. Justice Department said in a civil suit filed Thursday.

Continued diversification of its business lines and better margins in its securitization activities helped Redwood Trust overcome steep mortgage origination declines and post nearly 14% annual growth in net income during the third quarter.

Flagship, Santander Consumer USA and AmeriCredit are printing $2.3 billion in new notes backed by subprime auto-loan originations.

Commercial mortgages on retail buildings account for 45.2% of assets in the trust; many of these properties will be familiar to CMBS investors.

The transaction, which consists of a single tranche of notes with a preliminary A rating from Kroll Bond Rating Agency.

While the foreclosure crisis is over and federal regulators are being less assertive on enforcement actions, mortgage servicers must remain vigilant about compliance, as state agencies are stepping up their own oversight, according to Standard & Poor's.

According to presale reports, PGIM is marketing a $509.5 million Dryden 61 CLO transaction in the states, while also prepping a €411 million Dryden 66 Euro CLO portfolio.

The $612 million Horizon Aircraft Finance 1 carries preliminary single-A ratings from Fitch and Kroll, on par with the $1.2 billion deal the sponsor completed in 2015.

The transaction is one of only three CRE CLOs issued post crises with a collateral balance of $1.0 billion or more, according to Kroll Bond Rating Agency.

Although forecasts anticipate a continuing drop in overall originations, private-label residential mortgage-backed securitizations backed by newer loans are expected to keep increasing through next year, according to Bank of America.

Both Kroll and S&P expect losses on collateral in the subprime consumer lender's latest deal to be higher than its 2017 deals; Kroll alone assigned a lower rating to the senior tranche.

A $215 million commercial mortgage that was used to acquire the Ritz-Carlton Kapalua is being used as collateral for a transaction called GS Mortgage Securities 2018-LUAU

Laurel Davis, VP, credit risk transfer at Fannie Mae, explains why the switch to a REMIC structure for CAS is important, and why it took so long.

Tishman Hotel & Realty and MetLife are refinancing the Swan and the Dolphin, adjoining resort complexes with a total of 2,270 rooms.

The firm's risk profile has not altered, executives said on a third-quarter earnings call Wednesday; it remains "appropriately cautious."

The $571 million transaction is backed by 915 loans originated from 2002 and 2008 that Waterfall Asset Management acquired over eight years.

The deal comes a year after the captive finance company began excluding low-FICO loans from its primary auto loan ABS platform.

It's the first time any of the rating agencies has assigned an AAA for any securitization of consumer loans by a marketplace lender.

The $325 million deal is backed by franchise fees and royalties; the collateral does not include profits from company-owned stores.