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.
WeWork is renegotiating leases in an effort to reduce costs. In a 2021 commercial MBS from JPMorgan Chase, the monthly lease payment dropped by 25% and cash reserves in the deal are dwindling.
Commercial MBS issuers that source loans from affiliated lenders have lower rate spreads when compared to CMBS pooled by investment banks with loans from third-party lenders.
HUD IG launches inquiry into Ginnie’s handling of Reverse Mortgage Funding’s bankruptcy; DBRS revises rating criteria for commercial MBS; WeWork exposure in commercial MBS; another record profit for Farmer Mac; ETF targets newer agency MBS.
Non-agency CMBS issuance was up in the third quarter, thanks to a gain in retail-property securitization. But agency multifamily MBS production slumped.