Securitization

Ocwen Financial Corp. is in talks to sell a nearly 5% stake to its biggest client, New Residential Investment Corp., as part of a deal that would finalize a long-expected sale of mortgage servicing rights.

Treasury Secretary Steven Mnuchin on Monday reiterated his goal of tackling housing finance reform within the next year, an aggressive plan for resolving a matter that has long flummoxed Congress.

First Key preps its second reperforming RMBS of the year; April CLO count reaches $29.8 billion; Toyota, Nissan file plans for notes backed by auto loans and dealer inventory financing.

Hunton & Williams continues its national expansion with the arrival of corporate partner John J. Dedyo in the firm’s New York office.

Ocwen Financial's recent regulatory troubles may open the door for New Residential Investment Corp. to transfer its massive subservicing portfolio to an affiliate, Nationstar Mortgage Holdings; that could either slow or speed up repayment of bonds backed by its advance receivables.

A single-borrower deal and a conduit commercial mortgage securitization priced this week, bringing private-label issuance for April to $3.6 billion – barely half of March’s $7 billion.

Firms that offer loans to small-time landlords have been slow to tap the securitization market. So far there has only been one transaction with a public credit rating, in December 2016. Yet bundling these loans into collateral for bonds provides attractive financing.

The London office of Commerzbank AG Debt Fund Management is pricing its third overall CLO in a with a senior loan portfolio targeted at €346.2 million.

Citibank Credit Card Issuance Trust is issuing its latest revolving Citiseries securitization through $1.1 billion in notes backed by prime credit-card receivables. Also, IHS Market notes the tightening spreads in many U.S. consumer ABS asset classes.

Bram Smith is retiring as executive director of the Loans Syndication & Trading Association effective at year’s end, the trade group announced Thursday. Smith has been with the LSTA for nine years, joining as interim executive director in September 2008 before he was installed as permanent ED in December 2009.

The Trump Administration’s initial tax plan may be short on details, but a bipartisan bill introduced Wednesday promises some very specific relief for the commercial real estate industry.

Morgan Stanley and Bank of America Merrill Lynch are marketing a commercial mortgage securitization that relies on the “L-shaped” strategy to comply with risk retention.

The Consumer Financial Protection Bureau ordered an auto loan servicer on Wednesday to pay $2.4 million in fines and redress to consumers for failing to abide by a 2015 consent order alleging it bullied members of the military.

Bayview Asset Management is marketing its third package of re-performing mortgages acquired last year from former subprime HELOC lender CitiFinancial Credit Corp. in a $182.98 million transaction.

Fitch Ratings says the default rate for leveraged loans held by CLOs it rates remains "benign" at 0.4%, although slight concerns remain about bankruptcies looming defaults from speculative-grade debt held by key retail, media and energy sector firms.

The first conduit commercial mortgage securitization to hit the market in several weeks has significant exposure to offices and hotels.

Freddie Mac is preparing a second transaction designed to transfer credit risk on mortgages that have been modified in order to avoid default.

Fannie Mae has made three selling guide changes aimed at helping the growing number of borrowers with student debt qualify for home loans, and may begin testing other similar proposals related to this goal.

President Trump and Consumer Financial Protection Bureau Director Richard Cordray appear locked in a game of chicken over his continued leadership of the agency

Napier Park to issue 1st CLO of year; Moody's expects CLO refi activity to remain strong; S&P puts gobal corporate default tally for 2017 at 30, including 23 in the U.S.