A AAA-rated tranche of a commercial MBS issued after 2010 suffered losses recently, a first for the market. The Financial Stability Oversight Council said such losses are not likely to be widespread.
A loan for the Fontainebleau Miami Beach Resort will back a $975.0 million commercial MBS. The venue hosts the ABS East conference and is adding to its convention space.
Associated Banc-Corp will take a loss in the fourth quarter; Chase packages seasoned jumbos in non-agency MBS; Octane Lending expands ABS issuance; another whole-business ABS from Jersey Mike’s.
Servicing outstanding on 1-4 family mortgages increased by an estimated 0.8% during the third quarter. Ginnie servicing grew at more than twice that pace, fueled by refinance originations. (Includes two data tables.)