Structured Finance News

Bank of the West Plots Inaugural Auto Loan Securitization

– The credit quality of the pool of loans backing the deal is strong, but it includes more long-term loans than any recently rated by Moody's Investors Service.

CarMax Preps 4th Auto Loan Deal of 2014

– CarMax Auto Owner Trust (CAOT) 2014-4 will issue a million money market tranche and three tranches with preliminary ‘AAA’ ratings from Fitch Ratings.

Next Gear Securitizing $325M of Dealer Inventory Financing

– The receivables in the trust are divided into two classifications: asset group one and asset group two and consist of new and used auto, light duty trucks, recreational vehicles, heavy duty trucks, rental and salvage vehicles, motorcycles, boats, and other related assets.

Paragon Preps £153.12M UK RMBS

– The transaction is backed by a provisional pool of £153.12 million ($245 million) of buy-to-let mortgages originated between July and September 2014. Paragon will add additional mortgages to the pool before closing.

JP Morgan, Goldman Plan Large Loan Shopping Mall CMBS

– Starwood Retail Property Trust 2014-STAR is backed by a three-year, floating-rate loan with two one-year extension options. The loan pays only interest for its entire term.

Hawaii Plans $150M “Green Energy” Bond

– The Green Energy Market Securitization (GEMS) Bonds 2014, series A will offer $33 million of ‘AAA’ rated notes with a final maturity of July 2022 and $66.6 million of ‘AAA’ notes due January 2031.

Redwood Queues Up $341M Jumbo RMBS

– Redwood Trust's latest Sequoia RMBS will offer $341 million worth of bonds backed by a pool of 30-year, fixed-rate residential mortgage loans.

S&P Takes $60M Charge for Possible CMBS Settlement

– During a conference call today, executives at the rating agency’s parent company, McGraw Hill, announced that it has recorded the $60 million charge in its third quarter earnings.

Credit Suisse Scoops Up Pre-Crisis MBS in $7B Auction

– BlackRock managed an auction of $4.6 billion in U.S. mortgage-backed securities, many of them issued in 2006 and 2007, for a European Bank. Credit Suisse was among the major winners.

JP Morgan, Barclays Ready $1.2B CMBS

– A pool of 65 commercial mortgage loans secured by 157 properties backs the deal, JPMBB 2014-C25. Office properties represent the highest concentration of the pool at 39.9% and retail properties represent 26.7% of the pool

CFPB Examiners Find Illegal Practices in Student Loan Servicing Business

– The Consumer Financial Protection Bureau released a report Tuesday highlighting illegal servicing practices in the $1.2 trillion student lending market, including charging illegal late fees, allocating payments to maximize late fees and misrepresenting minimum payments.

JPMorgan Launches Risk-Sharing Deal

– JPMorgan Chase Bank is in the market with a mortgage risk-sharing deal that's the same breed as those issued by Fannie Mae under its Connecticut Avenue Securities label.

Two Harbors Plans Third RMBS of 2014

– The deal, Agate Bay Mortgage Trust 2014-3, offers $356 million of securities that are backed by a pool of 30-year, fixed-rate residential mortgage loans.

LeasePlan to Sell €537M Dutch Auto ABS

– LeasePlan Nederland N.V. plans to sell €537 million ($684 million) of securities backed by Dutch auto lease installment receivables and residual value cash flows.

RAIT Prices $219M CMBS

– The REIT priced the $181.3M senior piece at 175 basis points over Libor.


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