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.
The Supreme Court ruled in favor of a former research strategist at UBS in a whistleblower protection case under the Sarbanes-Oxley Act. The ruling has an impact on employee protections well beyond UBS.
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.
Securitization of retail-property loans and hotel mortgages saw volume gains in the fourth quarter, but non-agency CMBS issuance was down 46.3% in 2023. Agency multifamily MBS held up slightly better, recording a 38.0% decline from 2022. (Includes two data tables.)
Fed stays course on MBS sales; SFA close to revising data tape for prime non-agency MBS; MBS on watch for rating upgrades by Fitch; subprime auto ABS impairments rise; commercial MBS delinquencies decline; Fannie sees tighter spreads for latest CRT; Morningstar not ready to give positive commercial MBS credit for “mass timber” construction.
Hybrid work environments are expected to put pressure on CMBS loans for office properties over the next two years and lead to a growing number of properties failing to refinance.
Morningstar places 77 commercial MBS on review for potential downgrades; Coinstar ABS face potential downgrades; Fitch sees neutral impact for airline ABS amid troubles with Boeing planes; Verizon to issue mobile device financing ABS.
Fitch upgrades ratings on nearly half of outstanding GSE CRT issuance; delinquencies in commercial MBS declined in December led by improvements in loan performance for office properties; Morningstar plans new criteria for assessing securitizations tied to small businesses.
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