Starwood Capital plans to refinance extended-stay hotel debt via CMBS
The private investment firm is securitizing a $265 million loan backed by fee interests in 58 well-performing properties across 12 states.
By
Glen Fest
MBS
Moody’s projects improved outlook for U.S. restaurant industry
Moody’s Investors Service sees improved recovery prospects for the U.S. restaurant industry next year, buoyed by projected revenue growth of 15% despite ongoing concerns of the length and impact of the coronavirus pandemic.
By
Glen Fest
Pretium, Ares acquiring Front Yard in $2.4B SFR sector consolidation
Pretium, by taking over Front Yard's 14,000-plus rental properties, will become the second-largest operator of cash-flowing single-family rental housing in the U.S.
By
Glen Fest
Second Eagle Re deal reflects pandemic’s impact on credit enhancement
For investors seeking rich yields, mortgage-insurance provider Radian Guaranty is approaching the market with a $488 million transaction that is offering greater credit enhancement than a similarly structured deal earlier this year, pre-pandemic.
By
John Hintze
Libor law is adrift in Albany and Wall Street is getting nervous
A New York-state proposal to shift trillions of dollars in securities contracts from Libor- to SOFR-based benchmarks is gathering dust. That worries bankers and investors on on how to proceed with the next steps toward a replacement rate as Libor's post-2021 expiration grows nearer.
FirstKey markets $1.4B seasoned-mortgage transaction amid RPL/NPL wave
The deal consists of 11,673 nonconforming first-lien mortgages, of which nearly all have been previously modified. Approximately 7% are in COVID-19-related forbearance.
By
Glen Fest
Wells plans 6th prime jumbo deal for 2020
The notes are backed by $456.9 million in high-balance loans that meet qualified mortgage standards, according to ratings agency presale reports.
By
Glen Fest
Weekly Wrap: Another month of declining CMBS delinquencies
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 25-Oct. 1
By
Glen Fest
Freddie Mac scrubs student-housing, senior living loans from K-Deals
Student housing and assisted/independent living centers were small portions of Freddie's multifamily securitizations prior to COVID, but Kroll noticed they've been missing in most rated deals since spring.
Ginnie Mae forbearance rate flattens
The net share of mortgages in Ginnie Mae securitizations with suspended payments appears to be stabilizing, but the number of new requests creates doubt about whether it will subside.
Weekly Wrap: Will flex-space opportunities trump current COVID-19 woes?
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 18-24
By
Glen Fest
Truist sells legacy SunTrust CRE loan servicing platform
The Charlotte, N.C., company recently closed on a sale of its Cohen Financial platform to SitusAMC.
By
Glen Fest
As mortgages in forbearance decline overall, one exception persists
The percentage of borrowers who have asked to temporarily suspend payments due to coronavirus-related hardships is down overall, but in the Ginnie Mae market, they’re still inching up. The overall share of loans in forbearance dropped 8 basis points to 6.93% from 7.01%, according to the Mortgage Bankers Association’s weekly report for Sept. 7-13. However, […]
Ginnie Mae to bar Libor-based loans from pools
The restrictions on the pooling of loans with any interest term based on Libor will be effective for traditional mortgage-backed securities issued starting Jan. 21, 2021, and earlier for reverse-mortgage securitizations.
Weekly Wrap: TALF funds largely absent from ABS dealmaking
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 4-10
By
Glen Fest
CMBS delinquency rate down in August, but ominous conditions remain
Some of the cures were the result of short-term remedies and could reverse as relief measures end.
Opinion: Trump’s eviction ban doesn’t go far enough
An emergency expansion of federal rental assistance would cost between $12 billion and $16 billion a month, depending on whether enhanced unemployment benefits are extended alongside. That is a bargain in comparison with the $2.2 trillion price of the last coronavirus relief package.
Opinion Housing market needs SOFR alternative — now
This proposed Libor replacement is an imaginary, backward-looking benchmark dreamed up by the economists at the Fed with no discernible market.
Christopher Whalen
Whalen Global Advisors LLC
Reports: MBS investor risk limited in aftermath of Hurricane Laura
Property-level insurance and funds fronted by servicers appear to mitigate the potential losses from damages and repairs in the Gulf Coast from the massive storm.
Hurricane Laura puts 432K homes worth $88 billion at risk
If it makes landfall as a Category 3 storm as was initially projected, damage from Hurricane Laura's surge could potentially devastate 432,810 residential properties in Texas and Louisiana, according to CoreLogic.
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