The pool consists of 124 small balance loans that are secured by 118 multifamily properties which are primarily affordable housing associated with a Low Income Housing Tax Credit program.
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.
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.
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.
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.
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.
Vice President of Regulatory Compliance
Firm: Clayton Holdings
In the news: How Ability-to-Repay Rules Could Reshape RMBS Market
Which opinion is more reliable: A well-informed one tainted by financial arrangements or one free of such conflicts but based on limited data — and possibly colored by spite?Current Issue