December 18, 2014 – Fitch Ratings could put 20 commercial mortgage securitizations under review for a possible downgrade if Congress fails to renew government-sponsored terrorism reinsurance.
December 18, 2014 – The $178.6 million class A notes have an average life of 1.21 years and are rated Aa2 by Moodys and AAA by DBRS; in a press release published Wednesday the company disclosed that they yield 1.49%.
December 18, 2014 – Rye Harbour CLO is the investment manager's third European collateralized loan obligation; it also manages 11 U.S. CLOs.
December 17, 2014 – The $352.7-million J.P. Morgan Seasoned Mortgage Trust 2014-1 is backed by prime loans originated from 2004 to 2007 by pre-BofA Merrill. A strength includes high quality borrowers, a weakness is that the were all interest-only for first ten years - amortization will bump up payments.
December 12, 2014 – The American Bankruptcy Institutes Commission to Study the Reform of Chapter 11 has released its long-awaited report; it includes a number of proposals that could reduce recoveries for secured creditors, including collateralized loan obligations
December 9, 2014 – Octagon Credit Investors took advantage of a dip in loan prices over the summer to quickly print a CLO at the request of one of its own investors, using the proceeds to snap up collateral, largely in the secondary market.
December 5, 2014 – In at least three recent instances, trust-preferred investors have filed lawsuits against lenders who either bought or sold banks in transactions designed to bypass such debtholders.
December 4, 2014 – Unlike their existing risk-sharing programs, which have drawn $12.5 billion of private capital into the mortgage market by referencing $454 billion of mortgages since their July 2013 inception, some of the latest deals transfer the first loss sustained when a homeowner stops making payments.
December 4, 2014 – The Chicago Board Options Exchange has launched a product designed to allow fixed-income investors to hedge against interest-rate volatility, similar to its equity volatility index.
December 3, 2014 – A controversial legal theory on discrimination threatens to disrupt consumer lending and poses a potential liability for anyone securitizing these loans.
December 2, 2014 – It's an integral factor in Fitch Ratings' continued stable outlook for the securitization market in 2015.
November 19, 2014 – While risk retention will hit smaller managers hard, Oliver Wriedt of CIFC Asset Management, one of the biggest, thinks the potential for consolidation may be overstate. Low management fees and high financing costs make acquisitions less attractive than they have been in the past.
November 19, 2014 – The market for collateralized loan obligations hit an all-time high in 2014 but the onset of a number of regulatory requirements, including the Volcker Rule, mean the good times may not last long.
November 13, 2014 – John Lapham, co-head of leveraged finance at PineBridge Investments, thinks that the ranks of CLO managers could start to thin well before risk retention rules take effect in 2016.
November 10, 2014 – Morningstar thinks that there is a way to stop issuers of asset-backed securities from shopping around for the best ratings: compel them to publicly disclose the level of credit enhancement required by each rating agency for each tranche.
November 14, 2014 – Not only do these deals reduce the danger that taxpayers could be forced to cover the GSEs' losses, they may help make mortgages more affordable.
Vice President of Regulatory Compliance
Firm: Clayton Holdings
In the news: How Ability-to-Repay Rules Could Reshape RMBS Market
Unlike their existing risk-sharing programs, which have drawn $12.5 billion of private capital into the mortgage market by referencing $454 billion of mortgages since their July 2013 inception, some of the latest deals transfer the first loss sustained when a homeowner stops making payments.Current Issue