By Bonnie Sinnock
Equifax and TransUnion have stopped offering traditional credit reports, replacing them with the more expensive trended credit reports that Fannie Mae plans to start using but that other investors don't
August 30, 2016 – Moodys Investors Service has assigned provisional ratings to five classes of notes in STORM 2016-II B.V., a 1.15 billion pooling of 5,729 30-year home loans to consumers in The Netherlands. The sizes of the Euro-denominated notes are to be determined.
August 30, 2016 – The credit quality of the collateral pool has weakened compared with the sponsor's previous deal, completed in March. FICO scores are lower and there are more loans with extended terms.
August 30, 2016 – Ford Motor promoted veteran executive Joy Falotico to lead the Ford Credit lending unit, making her the first woman to run the operation that provides financing to auto buyers and dealers worldwide.
August 29, 2016 – The rating agency citing the aging of the companys asset management system, which it said compares less favorably to those of other special servicers that it rates and is no longer consistent with the highest standards of servicing ability and for managing large volumes of defaulted loans.
August 26, 2016 – In just a few years, a popular mall with high-end anchor stores and boutique retail tenants can fall into substandard property condition, leaving commercial mortgage bond investors with outsized losses on their exposure to these properties.
August 25, 2016 – Many lenders are still reluctant to give mortgages to borrowers with less-than-pristine credit, yet such loans are far more likely than prime jumbo loans to be bundled into collateral bonds. Sreeni Prabhu of Angel Oak Capital credits banks' behavior and higher interest rates for that reality.
August 19, 2016 – The first commercial mortgage-backed security to comply with "skin in the game" requirements was extremely well received. Market participants credit the way the large banks sponsoring the deal retained the risk a strategy unavailable to nonbank lenders.
August 16, 2016 – Arch U.S. MI's acquisition of United Guaranty Corp. will make one of the smallest private mortgage insurers the sector's new market leader. While the move is likely to ease pricing competition among the six remaining players, it's not expected to set off a wave of further consolidation.
August 7, 2016 – Rules requiring CLO managers to keep skin in the game of their deals has taken a toll on smaller firms. But the resulting thinning of the ranks has created room for some new players that are better capitalized, including insurance companies.
August 1, 2016 – Wells Fargo, Bank of America, and Morgan Stanley could have satisfied regulators by selling the riskiest slice of the commercial mortgage securitization to a designated third party; instead they are collectively holding on to 5% of each tranche of securities issued in the $870.6 million deal.
July 29, 2016 – The Federal Housing Administration is promoting a particular kind of financing for residential energy retrofits that another regulator staunchly opposes. Mortgage lenders and investors have qualms, too, about the impact on their standing in collateral claims.
July 24, 2016 – The unusually strong loan performance in the credit card business lasted longer than many observers expected. But today the industry's prolonged post-crisis era finally appears to be over.
Treasurer, Head of Asset Management
Firm: NewStar Financial
State student loan authorities sense a business opportunity helping graduates who are gainfully employed lower their payments. Their low-cost funding could put them in competition with banks and marketplace lenders.Current Issue