The Mortgage Bankers Association is disappointed that the Consumer Financial Protection Bureau has not provided an explicit temporary safe harbor for lenders who have made a good-faith effort to implement new disclosures.
The collateral pool consists of 30-year fixed rate loans that have significant borrower equity; the weighted average combined loan-to-value ratio of 67.2%, providing a margin of safety against potential declines in home prices.
The sponsor plans to sell $453.7 million of securities via WinWater Loan Trust 2015-5; it was last in the market, with WInWater 2015-4, in June.
The most recent outcry came from four housing groups that warned lawmakers last week that the proposal by the Federal Housing Finance Agency "would make harmful changes" to the membership rules.
Freddie Mac has taken out another reinsurance policy that transfers the risk that mortgages it insures will default. Through this deal the agency has sold off much of what it still held in credit risk linked to the first actual-loss risk-sharing bond issued in April.
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.
Concern is mounting among investors and analysts that Nationstar, Ocwen Financial and Walter Investment are getting so big so quickly that they are becoming too difficult to manage.
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.
Overall issuance growth will moderate in 2014, Fitch Ratings' managing director for asset backed securities says in the firm's outlook.
The servicer has a reputation for aggressively writing down principal, often multiple times.
Firm: Broadmoor Consulting LLC
In the news: Marketplace Lenders Are a Systemic Risk
As concerns mount about the riskier loans being packaged into commercial mortgage backeds, several banks have come up with a new strategy for making deals more attractive to investors. They are boosting exposure to both high quality and highly leveraged mortgages.Current Issue