European Awards: RMBS first loss/ELOC BBC
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PennyMac’s first all-investment property RMBS raises $298.1 million
Classes A1 through A3, which is composed of seven tranches, are expected to pay coupons of 6.39%.
Judge awards damages in first successful Serta court challenge
While breaking little new ground the ruling dampens the likelihood of more aggressive liability management exercises (LMEs)
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Rocket Mortgage and FirstKey launch home-equity RMBS deal
The second-lien loans face low recovery post-default, especially if home prices drop.
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CMBS buyers face first Europe AAA loss Since Credit Crunch
The anticipated losses follow a hit to investors in a U.S. CMBS last month. Buyers of the AAA portion of a note backed by the mortgage on a building in midtown Manhattan got less than three-quarters of their original investment back after the loan was sold at a steep discount.
Angel Oak prices first social-bond RMBS transaction
The deal was constructed under Angel Oak’s social-bond framework, in which the firm intends to use the proceeds to help finance residential loans for underserved borrowers.
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