Extension rates for auto loans in Reg AB II deals continue declining
But the rate for those loan-payment deferrals remains elevated over pre-pandemic levels.
By
Glen Fest
Economy
CFPB gives lenders extra 15 months to meet QM standard
The Consumer Financial Protection Bureau has moved ahead with an earlier proposal to postpone the full adoption of the qualified-mortgage ability-to-repay rule, citing a need to maximize borrowers' credit access.
Extra Space portfolio highlights $817M Morgan Stanley CMBS
A new commercial-mortgage loan for seven facilities operated by the self-storage REIT is the largest of 41 loans in the conduit deal.
By
Glen Fest
Retail real estate rebounds out of the red zone
However, conditions for commercial mortgages overall worsened slightly due to persistent concerns in the hotel and office sectors, a Moody’s Investors Service report found.
Fannie Mae ups origination estimate, citing stronger new-home data
The government sponsored enterprise’s latest forecast calls for a nearly $4 trillion year for 2021.
Mortgage rates drop on COVID news, but should rise by year-end
Rising cases and vaccine issues caused bond yields to fall, but inflationary pressures will likely reverse that course.
$7.12 billion in Fannie Mae, Freddie Mac MSRs up for bid
The diverse group of loans in the servicing rights portfolio offers a potentially attractive recapture opportunity and would be a sizable transaction for their era.
Will floundering FSOC gain more relevance under Yellen?
The Financial Stability Oversight Council has struggled to find its footing since its creation in Dodd-Frank. The Treasury secretary has signaled a more aggressive role for the panel, including reviving its authority to target nonbank behemoths.
Weekly Wrap: S&P lowers default-rate forecast
Deals, trends and research in structured finance and asset-backed securities for the week of March 26-April 1
By
Glen Fest
Deferrals outpace forbearance as foreclosure prevention method at GSEs
The development bodes well for outcomes on distressed loans backed by major government-related mortgage investors Fannie Mae and Freddie Mac.
The mounting costs of protracted mortgage forbearance
The FHFA’s forbearance extension to September is forcing nonbank servicers to buy out more delinquent loans. It's also upended loss estimates for investors and made racial and income disparities in the mortgage market worse.
How aviation lending took this Midwestern bank to Ireland
UMB Financial’s success in aviation financing has boosted fee income, and the Missouri company has opened an office in Dublin — a hub for airplane sales and leases that could get busier as the airline industry restructures.
GSEs’ exit from conservatorship estimated to take 15 years
Relying on retained earnings alone, it would be until at least 2036, if not longer, before government control of Fannie Mae and Freddie Mae might end.
Ex-Freddie Mac CEO warns relief shortcomings could bedevil multifamily
New assistance for renters may help but past efforts, while necessary, failed to get relief to renters in an expedient way, said David Brickman, who is now the head of a new agency lending platform backed by Barings and Meridian Capital.
BioMed refinancing lab-property debt in proposed $2B CMBS offering
The Blackstone-affiliated company recently took out a cash-out refi mortgage for a 17-property portfolio, an opportunity aided by high demand for its R&D facilities for COVID-19 research.
By
Glen Fest
GOP’s Toomey seeks help from Democrats on freeing Fannie, Freddie
The announcement signals an openness to creating something many GOP lawmakers have long resisted: a federal guarantee of the trillions of dollars of mortgage bonds that Fannie and Freddie issue, a rep for P.A. senator said.
End date set for some pandemic contingencies related to mortgages
The Federal Housing Finance Agency is preparing to retire certain loan underwriting flexibilities after extending them one additional month to April 30.
Fannie Mae’s early start on limiting certain loans surprises lenders
The government-sponsored enterprise announced Wednesday it will change eligibility criteria for vacation homes and investor properties starting April 1 to fulfill a directive by former Treasury Secretary Steven Mnuchin.
Lenders urge Biden to remove GSE cap on ‘high-risk’ loans
In its final days, the Trump administration imposed limits on Fannie Mae and Freddie Mac’s holdings of mortgages with loan-to-value ratios above 90% and certain other characteristics. Critics say the changes were unnecessary and disproportionately penalize borrowers of color.
Fortress tapping CMBS to finance $1.45B Amazon logistics portfolio
The bond issuance out of Fortress' CF Hippolyta master trust will finance 19 newly constructed or planned Amazon distribution and logistics facilities in 15 states.
By
Glen Fest
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