Commercial MBS


Wells Fargo Takes $634.9M CMBS on Road Show

The portfolio includes $525.5 million of offered certificates, of which only $478.8 million will be publicly offered in a four-tranche offering of senior Class A notes ($422.2 million) with 30% credit enhancement, plus a pair of subordinate series of bonds: a $29.4 million Class B series and a $27.14 million Class C series.

Commercial Mortgage Volume Projected to Set Record in 2017

Commercial mortgage loan originations in 2017 are expected to increase 3% over last year to a record high, as market fundamentals and property prices remain strong, according to the Mortgage Bankers Association.

Freddie Transferring Risk on Multifamily Loans It Warehouses

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.

Fannie Mae Prices 1st Resecuritization of Green Multifamily Bonds

The $1 billion FNA 2017-M2, which priced Wednesday morning, is the GSE's second GeMS REMIC of the year. It included two tranches that are backed by 30 loans originated under Fannie Mae’s green program and individually securitized.

One Market Plaza CMBS Includes $44.5M Equity Payout

OMPT 2017-1 MKT is a $975 million transaction featuring notes secured by a refinanced mortgage for the owners of One Market Street, a 1.58 million square foot Class A complex located on the city’s West side near the San Francisco Ferry Terminal.



Reg AB II Returns from Limbo

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, it’s not clear exactly what the Commission will do.

Finra Files Proposal to Disseminate Price Data

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.

Editor's Letter

As July came to a close, it was clear to everyone at ASR that the structured finance market was not about to take a vacation.

People on the Move

DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser

Silver Lining

Could higher yields end up deepening the investor base for asset-backeds?


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Five Questions Facing the GSEs' Common Securitization Platform

It's unclear how the new political environment will affect the platform's viability or how investors will view the securities issued on it. The next year could determine the project's success and role reshaping the secondary mortgage market.

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