The securitization of film rights is a growing market, a wide-open frontier that could be the proverbial mother lode for daring investors or a financial graveyard for the ill-informed.
After booking large one-time charges from marking down the carrying value of their deferred tax assets in the fourth quarter, Fannie Mae and Freddie Mac likely will post strong earnings for the first quarter of 2018, according to an analysis by Inside MBS & ABS.
Issuers of non-agency commercial MBS responded to risk-retention requirements by tightening underwriting standards and passing costs onto borrowers, according to an analysis by Craig Furfine, a professor at Northwestern University’s Kellogg School of Management.
Stearns Holdings LLC has sent out notices to investors that snatched up $250 million worth of short-term debt that it would like to buy back at least $80.0 million of the paper, which matures in 2020.
New non-agency MBS encompass a variety of different servicer strategies on how they advance payments for delinquent loans, with mixed impact on investors, according to rating services.
Nomura Securities wants the Supreme Court of the United States to hear its case after losing an appeal in October to overturn an $800 million penalty assessed by the Federal Housing Finance Agency. The firm argues that the high court should determine whether the Housing and Economic Recovery Act’s extension of the statute of limitations applies to statutes of repose.
Issuance of prime jumbo mortgage-backed securities is on the rise but underwriting standards for loans in the deals aren’t changing much, according to a new analysis by Inside Nonconforming Markets. Some $4.23 billion of prime jumbo MBS was issued in the first quarter of 2018, the highest quarterly volume for the sector since the first three months of 2015. Issuers in the sector have largely maintained super-prime underwriting standards since the financial crisis ... [Includes two data charts]
Chimera Investment, JPMorgan Chase and Redwood Trust plan to issue new prime non-agency mortgage-backed securities in the coming weeks, adding to momentum in a market where most issuers are optimistic about production volume. The planned CIM Trust 2018-J1 would mark a return to the jumbo MBS market for Chimera. The real estate investment trust has focused its issuance efforts on seasoned mortgages in recent years after dabbling in jumbo MBS around 2012 ...
Full third-party due diligence reviews were completed on only 20.0 percent of the loans being pooled by Flagstar Bank into a new non-agency mortgage-backed security. Rating services delivered mixed assessments of the due diligence sampling rate, which could set a standard for the market. The $704.1 million Flagstar Mortgage Trust 2018-2 is scheduled to close at the end of the month. DBRS, Fitch Ratings, Kroll Bond Rating Agency and Moody’s Investors Service all ...
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