The debt consolidation loans originated by GE are backed by French homes, in a deal arranged by Morgan Stanley and the second true-sale securitization of debt consolidation receivables. The deal builds on a smaller initial 871.2 million SapphireOne issuance in July.
The Consumer Financial Protection Bureau decried an appeals court ruling last week that found its single-director structure unconstitutional, saying the opinion was "wrongly decided" and had "no basis in the text of the Constitution or in Supreme Court case law."
Colony Starwood Homes, a former major investor in distressed loans now focusing on managing single-family home rentals, is structuring a new asset-backed deal of SFR income offering the largest cash flow projection of any recent peer deals in the nascent asset class.
To level the playing field, the groups want the Federal Housing Finance Agency to prohibit loan volume discounts and other concessions that could disadvantage small lenders.
The money manager is securitizing $159.6 million of securities that transfer the risk of credit losses on mortgage insured by Fannie Mae and Freddie Mac, according to Fitch Ratings.
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.
Treasurer, Head of Asset Management
Firm: NewStar Financial
More than $200 billion of the most poorly underwritten commercial mortgages originated before the financial crisis come due this year and next, many of them still underwater.Current Issue