Cherry Hill plans to drop its external manager, consider additional strategic options; FHFA publishes historical VantageScore data; Computershare, NewRez receive master servicer ratings; commercial MBS from Morgan Stanley downgraded.
When interest rates decline, the prepayment environment for agency MBS is likely to be much different compared with previous refinance booms, according to industry participants.
Ares will contribute 90% of the joint venture capital while AmWest will provide the remainder. AmWest will also the provide the non-QM loans for securitization.
Ginnie to increase reporting requirements on defaults, loss mitigation; Fitch prepares to rate commercial PACE securitizations; loans for hotels near Disney World head into commercial MBS; FHA extends waiver tied to Ginnie multifamily MBS.
Great Ajax received a loan from Rithm Capital and moved to have Rithm serve as external manager of the REIT. Rithm plans to have Great Ajax invest in commercial mortgages.
An appeals court in Minnesota upheld a practice in the commercial MBS market allowing for the creation of litigation reserve accounts. Junior investors in a 2007 issuance from Wachovia challenged the practice.
WeWork is renegotiating leases in an effort to reduce costs. In a 2021 commercial MBS from JPMorgan Chase, the monthly lease payment dropped by 25% and cash reserves in the deal are dwindling.
Delinquencies are rising on commercial MBS, driven by office properties. Losses are expected to follow and it could be years before the situation improves.
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