FirstKey Lending's 2015-SFR1 is backed by 16 loans made to ten borrowers, a much smaller pool compared to the 144 loans pooled in the B2R tranaction. The loans range in size from ranging from $2.9 million to $51.3 million.
Invitation Homes 2015-SFR2 is backed by a $637 million, five-year loan underwritten by J.P. Morgan, according to Kroll Bond Ratings Agency. The loan pays only on interest for its entire term.
Leverage in the deal is higher than recent CMBS: a 112.6% loan-to-value ratio vs. a 106.2% 2014 average for deals rated by Fitch Ratings.
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.
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.
Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, its not clear exactly what the Commission will do.
The proposal would introduce dissemination of trade prices for securities ranging from highly liquid credit card and auto ABS to smaller and more esoteric deals in asset classes such as time shares, to commercial mortgage-backed securities (CMBS) and highly structured CDOs and collateralized loan obligations.
As July came to a close, it was clear to everyone at ASR that the structured finance market was not about to take a vacation.
DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser
Could higher yields end up deepening the investor base for asset-backeds?
Firm: 3i Debt Management
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.Current Issue