Commercial MBS

News

FirstKey Follows B2R in Next Phase of Rental Securitization

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 Preps Single Family Rental Securitization

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.

Morgan Stanley, Merrill Bringing $1.1B CMBS

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.

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.

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.

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Articles

Reg AB II Returns from Limbo

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, it’s not clear exactly what the Commission will do.

Finra Files Proposal to Disseminate Price Data

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.

Editor's Letter

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.

People on the Move

DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser

Silver Lining

Could higher yields end up deepening the investor base for asset-backeds?

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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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