ABS backed by home equity investments are offering unlevered returns in the low double digits. The first rated HEI ABS was issued in October and industry players are anticipating exponential growth.
Ginnie issuers say cyber reporting standards are too onerous; SEC fines CLO manager; SEC fines rating services for inadequate recordkeeping; T-Mobile ABS sputters; DoubleLine reduces management fee.
A bank sought approval from the OCC to have a special purpose vehicle treated as a securitization for capital requirement purposes. The OCC demurred, noting that just because the transaction was an SPV didn’t make it an ABS.
Ascent Funding has an offering backed by loans tied to coding classes. Morningstar has warned that ABS investors aren’t protected in the event of a bankruptcy by the borrower.
NewtekOne is boosting originations of small business loans outside of the SBA 7(a) program. The firm recently issued its second ABS of the loans, offering strong yields for issuers and investors.
Rithm will restate financials going back to 2021; commercial lending executives expect MBS issuance to remain strong; new wildfire risk mitigation recovery bond.
As AI becomes ubiquitous in both the origination and securitization of loans, the U.S. regulatory framework is likely to evolve closer to the stricter rules used in the European Union.
Nearly 34,000 leases for equipment finance are set to go into a new securitization from ClickLease. The firm focuses on lending to subprime and near-prime borrowers.
Christopher Stanley, a security engineer at SpaceX, is the first member of Elon Musk’s Department of Government Efficiency to join a GSE board.
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