Ashford Hospitality Trust, a Dallas-based REIT, says handing back the keys on 19 hotels will cut the company’s debt by about $700 million, a reduction of more than 18%.
A suggestion for limiting interest rate risk at banks; tighter spreads for Fannie’s new CRT; Victory Park Capital launches structured finance unit; and more.
Loans for the Westfield San Francisco Centre are in various commercial MBS; Ginnie expands RON options; Fitch rates PennyMac Financial Services; DBRS to assess securitizations of home-equity agreements.
Credit Suisse rejects bids for non-agency MBS servicing handled by SPS; SFA President Kristi Leo to depart; Ginnie sets timelines for transition away from GinnieNET; hotel operator details reasons for ceasing payments on loan in commercial MBS.
Fitch Ratings has released an exposure draft of criteria for rating single-borrower single-family rental securitizations, with key ratings drivers including property valuation analysis and ratings stresses.
Higher interest rates are contributing to elevated delinquencies in auto ABS; Kroll places ratings on 11 commercial MBS on watch for downgrade; DBRS adds asset types to rep and warrant analysis; DBRS proposes updating its ESG analysis.
With spreads on commercial MBS at wider levels than they were during the early days of the pandemic, portfolio managers at DoubleLine Capital are looking to increase investments in the sector. They caution against painting the commercial MBS market with a broad brush.