Fitch Ratings said the most robust subprime auto ABS issuers will probably perform well even in a downturn, but several risks lie ahead for the sector.
The Angel Oak REIT has been through the wringer of late, its share price falling to a recent 52-week low. What’s next for the non-QM pioneer? Hard to say.
The ratings service expects commercial MBS loan delinquencies will reach between 4.0% and 4.5% by year-end 2023. S&P Global Ratings, meanwhile, said CMBS delinquencies crept up 5 bps in November.
Distributed Solar Development plans to issue its first securitization, which is backed by commercial and industrial photovoltaic systems and related customer agreements.
Investors appear increasingly reluctant to sell their credit-risk transfer notes back to the enterprises at the prices Fannie and Freddie are offering.
Interest rates keep falling but has a trough been reached? And if so, have REITs been bottomfishing in conventional MBS? Also, what’s the outlook for 2023 in terms of capital raises?
A nonbank can only hold underwater non-QMs for so long until a decision needs to be made. In the case of Angel Oak, it decided to sell roughly $350 million of product at a steep discount of 83 cents on the dollar.
The Securities and Exchange Commission has delayed implementation of a disclosure rule the industry feared would compromise the ability of many issuers to access the 144A market.
Investors are being quite choosy these days when it comes to debt service coverage loans. But perhaps that's a buying opportunity for those with a strong stomach.
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