Finsbury Square 2017-1 is a four-class series note structure backed by 2,320 loans secured by residential properties with an average balance of £148,160 and a weighted average interest rate of 4.45% the highest of any recent Kensington securitization.
Ocwen Financial has reached a deal with California authorities to resolve allegations that the mortgage servicing firm -- a frequent target of regulators in recent years -- again violated a range of state and federal laws.
The Class B notes for both Diamond Resort Owner Trust 2015-1 and 2015-2 were placed on watch last August due to the high levels of loan repurchases or loan substitutions conducted by the trust to replace defaulted loans.
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.
Four larger pools will have roughly 10,000 loans with $1.76 billion in unpaid principal balance. Bids on the larger pools are due March 7; Fannie Mae will accept bids on a "community impact" pool until March 21.
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
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.Current Issue