Mortgage insurance companies are getting a long-awaited shot at expanding their business with Fannie Mae and Freddie Mac. But it's shaping up to be less lucrative than they had hoped.
The servicer plans to issue $296 million in bonds backed by repayment rights to advances on Freddie Mac and Fannie Mae mortgages via Green Tree Agency Advance Funding Trust I (Series 2016-T1).
In its new 2016-4 transaction, Towd is collateralizing 3,383 formerly troubled loans with a pool balance of $649.21 million into a nine-note structure. The pool includes 39% dirty current loans, or those which are paid up-to-date, but have had a recent delinquency or incomplete paystring.
J.P. Morgan Mortgage Trust (JPMMT) 2016-3 is a $395.4 million notes structure consisting of 553 loans for homes primarily in California and major cities like New York, Boston and Washington, D.C. Fitch has issued preliminary 'AAA' ratings to the senior notes.
STACR2016-DNA4 is the companys 24th Structured Agency Credit Risk transaction, and the seventh in its actual loss DNA series that features loans with original loan-to-value ratios of between 60% and 80%
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
The $1.17 billion deal follows a year’s worth of management deliberations over issuing asset-backeds, which Verizon expects to lower the cost of financing device payment-plan agreements.The deal will also ease pressure on the carrier's own corporate credit ratings.Current Issue