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October 2015
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Top 10 of 2015: Marketplace Lenders' Fall from Grace
By Felipe Ossa
Marketplace lenders started 2015 as darlings of the securitization market, but their white hot growth started to attract calls for more regulation as the year unfolded.
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Latest News
CarVal Marketing 2nd Re-Performing RMBS in 2 Months
December 10, 2015 – The alternative investment fund manager will offer bonds backed by a $272.04 million of notes that are backed by pool of modified mortgages via Mill City Mortgage Loan Trust 2015-1.
U.S. CLO Issuance Drops to $4.8B in November
December 10, 2015 – It was the lowest monthly level since January 2015, according to Thomson Reuters LPC. Issuance for the first 11 months of the year was $91.4 billion
Amherst Pierpont Adds to Expertise in Structured Finance, MBS
December 10, 2015 – In total the firm announced seven hires continuing the firm's growth since it was formed in 2014 when Amherst Securities Group, LP and Pierpont Securities LLC merged.
Capital Royalty Preps Bonds Backed by Loans to Startups
December 9, 2015 – CRG Issue 2015-1 will issue $160 million of 'A-' rated debt secured by a $294 million portfolio of 17 fixed-rate loans, primarily to diagnostic, medical device and pharmaceutical companies.
- Tribeca Office Largest Loans in JP Morgan CMBS
- Moody's: Credit Metrics Will Keep Slipping In Auto Loan ABS
- Freddie Mac Sold $1.1B of Wells Fargo-Serviced NPLs
- Rated Marketplace ABS Might Include Subprime in 2016
- Moody’s: Yieldco’s Loss Could be ABS’s Gain
- NorthStar Marketing $613M CRE CLO
- Fannie Mae Takes Bite Out of Private Label CMBS
- Maturity Extended on Six Navient FFELP ABS
- “Qualified” CLO Bill Introduced in U.S. House
- Multi-Cat Mexico Defaults, But Size of Loss Still Unclear
Featured Articles
How "Front End" Risk Sharing Allows Lenders to Negotiate Lower G-Fees
December 10, 2015 – Assuming more of the risk on mortgages that they sell to Fannie Mae and Freddie Mac would allow them to negotiate lower guarantee fees.
Some Online Lenders Unprepared for Credit Downturn
December 8, 2015 – Ex-banker Frank Rotman, now a venture capitalist who focuses on marketplace lending, has a unique vantage point on the competition for small-business loans between banks and Web-based upstarts, as well as on both sides' strengths and weaknesses
Should Asset-Backeds Go Back to Their Old Pricing Benchmark?
November 23, 2015 – Much of the securitization universe—from auto loan deals to commercial-mortgage backeds—uses what’s known as the “swaps curve” to price floating-rate deals. Before 2000, Treasurys were the go-to benchmark. Pricing movements are causing some to ask whether the market should go back.
The Real Upside to Fannie Mae and Freddie Mac
November 17, 2015 – Are Fannie Mae and Freddie Mac an antidote to the influence of big banks in the mortgage market, and, by extension, in the economy? A Q&A with bestselling author Bethany McLean, who recently came out with "Shaky Ground," an in-depth look at the GSEs.
How CIFC is Getting “Skin in the Game”
November 17, 2015 – The largest U.S. collateralized loan obligation manager by number of deals, it is raising its own capital to finance retention of stakes in its deals.
How Swap Margin Rules for ABS Could Up Borrowing Costs
November 12, 2015 – A rule recently finalized by the Federal Deposit Insurance Corp. and other banking regulators would impose a margin-posting requirement for uncleared swaps, which are used to hedge interest rate risk in securitization.
Nonbank Lenders Court Mom-and-Pop Landlords
November 9, 2015 – Forget "bigger is better". Several private-equity-backed lenders are making loans to small landlords, who represent the biggest chunk of the home-rental market and get less help from Fannie Mae and Freddie Mac than they once did.
Definition of 'Competition' at Issue as DOJ Reviews Citi's OneMain Sale
October 22, 2015 – Springleaf's proposed acquisition of Citi's OneMain Holdings is being delayed by the Justice Department, which appears focused on preserving competition at the local level — even as a raft of new subprime installment lenders are popping up on the Web
Swaps "Trade War" Means More Uncertainty on Margin Rules
October 16, 2015 – While the vast majority of swaps used in securitization are uncleared, and currently don't face a margin requirement, this exemption may not last.
SFN People Database
Exclusive data on top players in capital markets
Managing Principal
Firm: Broadmoor Consulting LLC
In the news: Marketplace Lenders Are a Systemic Risk
Current Issue
As concerns mount about the riskier loans being packaged into commercial mortgage backeds, several banks have come up with a new strategy for making deals more attractive to investors. They are boosting exposure to both high quality and highly leveraged mortgages.
Current Issue
