Securitization

Ginnie Mae is giving expanded loan buyout authority to certain issuers in order to help them remove loans affected by Hurricanes Irma and Harvey from securitized mortgage pools.

There are four loans with investment grade characteristics that help boost the overall credit metrics of the collateral pool.

Bank of Nova Scota's third overall deal in its brief auto-loan securitization history will feature $500m in U.S.-dollar denominated bonds.

On Friday, the U.S. International Trade Commission voted 4-0 that imported panels are crippling American manufacturers, giving President Trump until January to decide whether to impose tariffs.

The loans have an average balance of €18.5k (US$22.1k) and went to 39,698 borrowers; they are secured by a pool of new (46.8%) and used (53.2%) cars, according to Moody's Investors Service.

The sponsor obtained a $1 billion mortgage from JPMorgan, Goldman and Citi; proceeds will be used to repay $715 million of debt taken out in 2015 to acquire the original portfolio from Apollo Global Management.

Regulatory relief remains uncertain, but there's plenty to celebrate as some more esoteric asset classes, such as franchise fees and aircraft leases, move into the mainstream, while others, such as nonprime RMBS, are starting to revive.

The latest round of Freddie-backed mortgages for the development, acquisition or rehabilitation or affordable multifamily housing includes 67 properties, with the highest concentration in California.

Credit enhancement for the senior, triple-A-rated notes is in line with recent Honda transactions, but the pool of collateral is concentrated (12%) in Texas and Florida, making it vulnerable to economic disruption from hurricanes.

HELOCs make up approximately 11.51% of the collateral; 22.5% of the HELOC borrowers are currently eligible to make draws up to their credit limit.

Some 109 securitized commercial mortgages totaling about $5.5 billion carry the retailer; the largest is a $400 million single-asset deal backed by a portfolio of 123 stores.

The San Francisco-based bank's first prime auto loan securitization in two years includes a sizable portion of loans (60% of the pool) with terms exceeding six years.

The growth in securitizations in the esoteric asset class has drawn in more investors seeking long-duration high yield; that, in turn, is spawning more deals from new issuers filling the demand.

Changes under consideration in federal student lending policy could create huge opportunities for private student lenders.

Vandy Fartaj, the firm’s chief capital markets officer, says a novel deal structure allows the real estate investment trust to issue additional term notes its portfolio of mortgage servicing rights grows.

Investor demand for mortgage bonds is strong; the only limiting factors are consumer awareness of the product and loan officers' willingness to offer them.

The bankers and lawyers who put these deals together have been working hard to broaden their appeal beyond insurance companies, the traditional buyers.

The largest loan, One Kansas City Place, representing 10.3% of the collateral pool, is primarily occupied by an investment-grade tenant, Kansas City Power and Light Co.

RREEF America, the real estate investment unit of Deutsche Asset Management, is securitizing an unusual mix of speculative-grade project finance and corporate in a debut $431.3 million collateralized debt obligation.

There are seven other CMBS issued this year with exposure to the skyscraper at 767 Fifth Avenue. In June, the owners took out a $1.47 billion whole loan that was used to refinance existing debt and pay a dividend; the largest portion was securitized in a single-asset transaction.