May-June 2017

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CLO Managers Holding Out Hope for Regulatory Relief

By Glen Fest

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are wording the language of amendments used to refinance deals so as to be able to benefit if risk retention rules are repealed.

LSTA Takes Risk Retention Fight to the Top

By Glen Fest

The Loan Syndications and Trading Association is appealing directly to Treasury Secretary Steven Mnuchin to exempt collateralized loan obligation managers from rules requiring "skin in the game" of deals.

How Risk Retention is Bringing New Capital into CLO Market

By Glen Fest

Risk retention rules created some big hurdles to creating new collateralized loan obligations. Yet they also opened up new avenues for investing in the market, as many managers serving as fee-for-service agents were compelled to raise the capital necessary to keep “skin in the game.”

Yes, the President's Words Do Matter, Even for Student Loan Litigation

By Joseph Cioffi

Maintaining a federal class action concerning consumer rights has been historically difficult when there is a pending, competing government action; this could change as a result of President Trump's desire to dismantle the Consumer Finance Protection Bureau.

How Technology Mitigated a Crisis in Student Loan ABS

By Allison Bisbey

Navient and Nelnet, the two largest student loan servicers, avoided downgrades on some $18 billion of bonds by extending their maturities. Getting the required consents from investors would normally take ages, but recent innovations speeded the process.

Hunton & Williams Adds Structured Finance Partner

By Allison Bisbey

John J. Dedyo joins from Weil, Gotshal & Manges; he represents issuers, underwriters, asset managers, credit enhancers, rating agencies and investors in all aspects of privately placed and publicly offered securitizations.

To Keep Ocwen 'Healthy,' Its Top Client may Buy a 5% Stake

By Austin Kilgore

Ocwen Financial Corp. is in talks to sell a nearly 5% stake to its biggest client, New Residential Investment Corp., as part of a deal that would finalize a long-expected sale of mortgage servicing rights.

LSTA Executive Director Bram Smith Retiring

By Glen Fest

Smith, a 40-year veteran of the U.S. loan industry, steered the trade group's efforts to restart CLO issuance after the financial crisis, speed settlement times for leveraged loan trades, and lobby regulators to exempt CLOs from risk retention.

Supreme Court Sends Mixed Signals in Debt Servicing Case

By John Heltman

The justices appeared exasperated with both sides in a case that would define whether companies that buy distressed debt are covered under a federal statute setting limits on their activities.

Charles Citro Joins Morningstar as Head of CMBS

By Allison Bisbey

Citro was most recently with Cushman & Wakefield, where he held a senior role within the asset surveillance group. He replaces Ken Cheng, who has taken on a new, senior-level position as analytical project manager at Morningstar Credit Ratings.

Subprime Auto Lenders Put on Notice Over Ties to Shady Dealers

By Kevin Wack

A $26 million settlement by Santander Consumer is shining a light on the hard-to-measure problem of auto dealer fraud, while also raising questions about the adequacy of lenders' efforts to combat bad behavior

A New Way to Hedge Commercial Real Estate

By Allison Bisbey

Global Index Group has developed a synthetic product that allows investors to go long or short a leading U.S. commercial real estate index, the NPI. CBRE Capital Advisors is the exclusive broker.

Bipartisan Bill Would Ease Restrictions on Construction Lending

By Allison Bisbey

The bill, sponsored by Congressman Robert Pittenger (R-NC) and Congressman David Scott (D-GA), would clarify rules that critics say have caused banks to pull back from construction lending, hurting credit availability and driving loans into risky, unregulated sectors.

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Current Issue

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.

Current Issue