Data center securitizations issued in recent years carry elevated leverage that is inconsistent with the A rating they received from rating services other than Fitch.
Two securitizations brought to the market in May were stocked with recently originated non-qualified mortgages as issuers continue to plow their way through the remainder of the pandemic.
As rates stay low, the corporate debt issuance boom continues but recent deals may be among the last for a while until real estate market values become clearer.
The state, in a recent case, took the position that the owner of mortgage servicing rights, whether handling day-to-day obligations or relying on a subservicer, is required to be licensed under state law.
Not since the go-go days of the mid 2000s has a national subprime REIT pulled off an IPO. If Angel Oak’s offering goes well, might the floodgates open? Wall Street can only hope.