March 2017

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Shift from Leases to Loans Is Powering Solar Securitization

By Glen Fest

Owning may offer consumers more savings than leasing, but loans pose a different set of risks to investors when pooled into collateral for bonds.

Flawed Reliance on Credit Scores Leads to Confusion

By Mike Trapanese

Credit scoring models—whether from VantageScore, FICO, or any other developer— are designed to rank order consumers. Credits scores—the outputs of those models— are not designed to predict a fixed level of risk.

PACE Provider Expanding into Unsecured Lending

By Allison Bisbey

Renovate American offers the new product through vetted contractors who download an app on their mobile phones. Unlike PACE, it can be used to finance any kind of home improvement, even cosmetic upgrades.

Freddie Transferring Risk on Multifamily Loans It Warehouses

By Allison Bisbey

The new program, called KT Certificates, consist of senior notes that are guaranteed and mezzanine and subordinate notes that put investors on the hook for initial losses on mortgages before they are securitized into K-deals.

Can Ocwen Reinvent Itself?

By Bonnie Sinnock

Ocwen has stepped away from the business of acquiring mortgage service portfolios - for now - so the special servicer is exploring new business lines as varied as mortgage originations to alternative lending under the direction of new non-executive chair Phyllis Caldwell. a former U.S. Treasury executive.

Aircraft Lessors Taking New Routes to Securitization

By Glen Fest

Increasingly, these transactions are being structured to give lessors more flexibility in terms of both the types of collateral and the ability to actively trade aircraft. As a result, transactions more accurately reflect lesssors’ fleets

Lenders Skittish on MSRs: Try Private-Label Securitization

By Karen Gelernt

In order to address lenders' issues with mortgage servicing rights financing, the industry needs to reconsider its typical securitization structures.

Different Kind of Regulatory Relief for CMBS Market

By Allison Bisbey

Even as the Trump Administration moves to loosen regulation, commercial mortgage bonds are enjoying a different kind of relief: Investors like risk retention so much they're willing to pay up for it.

Invitation Homes Obtains Financing from Fannie Mae

By Allison Bisbey

The single-family rental owner and operator will use proceeds from a 10-year mortgage originated by Wells Fargo and securitized by Fannie Mae to repay two private-label deals completed in 2013 and 2014.

Investors’ Victory in GSE Case May Be Turning Point Against Treasury

By Brian Collins

A federal appeals court ruling has opened the door for litigants to challenge a 2012 decision by the U.S. government to sweep all of Fannie Mae and Freddie Mac's profits into the coffers of the Treasury Department

CFPB Suit Against Navient Followed Apparent 'Ultimatum'

By Kate Berry

The CFPB alleged that Navient added $4 billion in interest charges to the principal balances of borrowers by enrolling borrowers in multiple, consecutive forbearance plans instead of in cheaper, alternative repayment plans.

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CLO Managers Holding Out Hope for Regulatory Relief

Some are wording the language of amendments used to refinance deals so as to be able to benefit if risk retention rules are repealed.

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