Securitization

With CMBS as surprisingly active as it has been since the start of the year, it should come as no surprise that participants of ASF’s 2013 conference were growing more bullish about the sector’s prospects for the entire year.

Participants on a panel at the ASF’s 2013 conference said the major stumbling block remains uncertainty about what would happen to covered bondholders in the event of a troubled issuing bank going into receivership.

In marked contrast to recent years, speakers at the first major panel of the day sounded some fairly upbeat notes.

Spreads on collateralized loan obligations CLO spreads may have tightened quite a bit over the last two years, but they still have a long way to go, according to panelists at the American Securization Forum’s annual meeting.

In the keynote address of the American Securitization Forums 2013 conference, Thomas Curry, comptroller of the Office of the Comptroller of the Currency, stressed the progress that the housing market has made.

The true-up mechanism structured in utility tariff ABS deals has helped deals with exposure to hurricane Sandy, weather the storm said Fitch Ratings.

Nationstar Mortgage said it is developing a programmatic Term ABS issuance program to finance current and future acquisitions of Agency and non-Agency servicing advance assets.

Citi’s new service allow structured finance investors to access the bank’s secure investor reporting website to view notices online in real-time.

First Investors Financial Services issued its $187 million subprime auto lease deal in a private placement transaction, the company said today.

Direct Capital Corp. is planning a $163 million securitization of equipment loans and leases, according to a presale report published by Standard & Poor's.

Kroll Bond Rating Agency is looking to broaden its ratings into credit card asset backed securities.

Markit today released series 6 of CMBX, the synthetic indices based on a static portfolio of US commercial mortgage-backed securities.

San Bernardino County announced on Thursday that it decided against a controversial proposal that would have allowed the county to seize underwater loans held in private-label MBS trusts using its power of eminent domain.

Deutsche Bank and Cantor priced their $1.186B conduit CMBS deal, COMM 2013-LC6. Goldman Sachs and Citigroup also priced their $656.35M conduit CMBS offering, GSMS 2013-GC10.

Wells Fargo and the Royal Bank of Scotland issued price guidance on the $1.2 billion commercial mortgage backed notes that are being offered publicly under WFRBS Commercial Mortgage Trust 2013-C11.

Price talk for Extended Stay’s $2.5 billion single-borrower CMBS deal show spreads may have widened some from the levels seen earlier this month.

The housing industry's positive reaction to the Consumer Financial Protection Bureau’s (CFPB) "qualified mortgage" rule, which governs mortgage underwriting, is prompting cautious optimism that a related securitization rule may also turn out better than expected.

Diamond Resorts completed its $93.56 million timeshare securitization, Diamond Resorts Owner Trust 2013-1.

CoreLogic today unveiled its bond assessment service for non-agency residential mortgage-backed securities (RMBS).

Nationstar Mortgage plans a $900mn mortgage servicer advance asset-backed securitization this month, according to a Standard & Poor’s presale report.