Non-agency MBS hit the market ahead of Thanksgiving; rating upgrades possible with new commercial MBS methodology at Moody’s; timeshare securitization performance stable; Fitch extends comment period for proposed criteria to rate shipping container ABS; California launches tobacco-settlement securitization.

Fannie Mae knows that the loans in its green programs aren’t necessarily super-green, but officials at the GSEs say incremental improvement in existing buildings is a major goal.

While non-agency CMBS and agency multifamily issuance both declined from the second to the third quarter, year-to-date issuance continued to run significantly higher than during the first nine months of 2020. (Includes two data charts.)

Overall, delinquency rates for commercial MBS have improved each month since a peak in June 2020. However, loans tied to office and hotels with an emphasis on corporate travel are slower to recover.

MISMO and SFA are separately working to update the ASF dataset for non-agency MBS; BNY Mellon is offering new agency MBS service; a relatively rare downgrade for commercial MBS.

Despite protests that existing yield maintenance protects investors from prepayment risk on agency CMBS, FHFA directed the Federal Home Loan Banks to limit their exposure.

Late last month, inter-dealer brokers began using SOFR for dollar swaps, allowing ARRC to finally recommend use of Term SOFR. 

KinderCare is the largest for-profit childhood education provider in the country. The CMBS is being issued by National Realty Trust, which received a mortgage on 549 properties where KinderCare operates.

A mutual fund giant wants to convert Capstead’s cash base into commercial assets, leaving the residential world behind. The goal: higher returns for investors.

If hotel properties are excluded, average NOI declined only 0.7% last year, according to Fitch Ratings.