Securitization

S&P says exclusion of the value of "personal contract purchase" balloon payments from Santander's Motor 2017-2 transaction will benefit the deal through excess spread and recoveries from contract defaults.

The $418m OSCAR US 2017-2 transaction is the 7th securitization of prime auto loans originated by Orient Corp. (or Orico) in Japan and packaged into U.S.-dollar denominated securities.

An artificial intelligence model predicted creditworthiness more accurately than traditional models in an experiment conducted by the auto lender. The technology someday could be used to find hidden gems among loan applicants — emphasis on the someday.

The transaction would be the third under Freddie's Seasoned Loan Structured Transaction (SLST) program.

The new Motel 6/Studio 6 deal is collateralized by the fee income of a refi commercial loan, as well as cash-flow pledges from company-owned and franchised properties.

Damages have typically not been a "disruptive problem" with hurricanes because of commercial properties' insurance, Trepp reports, but expiring leases of major tenants and the energy industry fallout have already had an impact on Houston-area office buildings.

The size of the two classes of notes on Volkswagen Financial Services' Compartment Driver UK SK deal is to be determined; they will be backed by receivables on 24,238 prime retail customer lessors.

The prime mortgage securitization is the fourth by Bank Nagelmackers, a small player on the Belgian mortgage scene that is owned by a Chinese insurance group comglomerate.

The average home value backing the loans is $117,000, well below the average $150,000 of other recent RPL securitizations, according to Fitch Ratings.

Fannie Mae and Freddie Mac will adjust their risk-sharing deals so that they can accommodate high loan-to-value loans refinanced under the programs replacing the Home Affordable Refinance Program.

The GMF Floorplan Owner Revolving Trust 2017-3 transaction is the second transaction backed by dealer inventory finance receivables to be issued by the captive lender this month.

More than 20% of the pool is comprised of well-seasoned subprime auto loans previously securitized in American Credit Acceptance's asset-backed deals in 2012-2014.

While the new deal, dubbed OneMain Financial Issuance Trust (OMFIT) 2017-1, is branded as OneMain, the loans were underwritten using Springleaf’s risk scores, which were adopted company-wide in October 2016.

The number of U.S. properties that were equity rich in the second quarter grew by 1.6 million properties from a year ago.

Regulators reached a $183.5 million settlement with the court-appointed receiver of an Oregon private equity firm that could provide debt relief to 41,000 students of the bankrupt Corinthian College

A joint venture between Nightingale and WCP acquired the property, which is well known for the Claes Oldenburg Clothespin sculpture in its front plaza, for $328 million in July.

Although challenges have accelerated for certain segments of the U.S. retail industry, the exposure to troubled retail in U.S. structured finance sectors is limited, posing small-to-modest risks for some asset classes.

A $507.6 million first mortgage on the Hotel del Coronado, a 130-year-old landmark with 1,400 linear feet of direct ocean frontage, is being securitized in BBCMS 2017-DELC. Barclays is the loan seller.

Boston Properties and the Teachers Insurance and Annuity Association are refinancing the property, which occupies an entire block in the city's media and entertainment district.

The shipping container lease company is marketing $350 million of notes backed by its largest-ever portfolio of dry bulk container lease receivables.