Structured Finance News

B2R Launches First-Ever Multi-Borrower Rental Securitization

The transaction is expected to consist of $230 million in pass-through certificates rated by at least two rating agencies and backed by 144 single-family residences, two- to-four-unit properties, condos, townhomes and multifamily properties.

Analytics Firm Orchard Teams with Kabbage to Sell Consumer Loans

Lending analytics firm Orchard Platform has cut a deal with alternative small-business lender Kabbage to allow institutions to invest in the latter's relatively new line of consumer loans.

Citigroup Lines Up Latest High LTV, Low Amortization CMBS

The $1.2 billion Citigroup Commercial Mortgage Trust 2015-GC29 is backed by loans with an average LTV of 104.6%; many pay no interest for all or part of their terms.

Ally Prices $986M Auto Lease Securitization

Ally Financial priced a $986.60 million auto lease securitization, adding to what has been a busy first quarter for this sector.

Higher Enhancement No Help for Wells Fargo's Latest CMBS

The sponsor is paying interest of swaps plus 115 basis points on the 10-year senior tranche of Wells Fargo Commercial Mortgage Trust 2015-LC20. That's the same level as the senior tranche of Deutsche Bank's latest conduit.

Florida Cat Fund Seeks $2.2B for Liquidity Needs

The Florida Hurricane Catastrophe Fund says it needs about $2.2 billion to shore up its liquidity needs and will examine using taxable municipal bonds or for the first time ever transferring a portion of its risk via reinsurance from the private sector. This could include catastrophe bonds.

Freddie Mac Upsizes High LTV Risk-Sharing Bonds

Freddie Mac upsized its latest offering of risk-sharing notes, demonstrating investor demand for the first loss position when homeowners stop making mortgage payments.

Citigroup Marketing $297M Reperforming RMBS

Citigroup Mortgage Loan Trust 2015-A pools loans that were once delinquent, but have all been current for the past two years. The senior tranche benefits from credit enhancement of 30%, earning it an 'A' from Fitch Ratings.

Why Some Investors May Want Servicing to Stay with Ocwen

There are a lot of consumer, investor and regulatory complaints about how the nonbank servicing firm does business, but Morgan Stanley researchers offer reasons why certain investors and borrowers could benefit.

Snow Bank: Boston Takes Another Look at Catastrophe Bonds

The Massachusetts Bay Transportation Authority had previously looked into cat bonds and decided not to pursue issuance, according to deputy general manager and chief financial officer Jonathan Davis. Then came 110 inches of snow.

CMBS Servicers Holding onto REO Inventory Longer: Fitch

Commercial mortgage-backed securities servicers have held on to real-estate owned properties for longer than usual, which could lead to a reversal in the declines in liquidations seen recently, according to a Fitch Ratings study.

A Deal to Reinvent the Subprime Mortgage-Backed Security

If you thought the subprime mortgage-backed security was an artifact of the past, think again. Nomura Holdings and Angel Oak Capital have a deal that may help revive the part of the market that went bust during the crisis. Their success could encourage more banks to dip their toes back into riskier mortgages.

Fannie Mae Sets Sights on Euro Buyers for MBS Risk

Targetting European investors, the agency has listed its risk-sharing deals on the Irish Stock Exchange while making sure to comply with the EU's risk retention rules.

Trio of CMBS Finance Purchase of Industrial Property from Blackstone

A joint venture between Global Logistics Properties and GIC PTE is the loan sponsor, or borrower, in all three cases and Goldman Sachs, Bank of America and Morgan Stanley the underwriters in all three loans, according to Morningstar.

Ocwen Sells Another $25B Service Portfolio to Nationstar

The announcement comes just hours after the company disclosed late Monday that it had missed another deadline to file its 2014 annual financial statement on time and wasn't sure when it would be able to file the statement.


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With Ocwen, Enforcement Is a Balancing Act

State attorneys general continue to aggressively investigate Ocwen Financial's mortgage servicing practices, but they are also mindful that too much enforcement could cripple the company and cause major headaches for millions of homeowners whose loans Ocwen services.

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