CMBS - All Articles

  • Update: Eight Dealers Scramble To Bid For Final ING Sale, But Investors May Hesitate

    Eight dealers scrambled Tuesday to submit bids for the Dutch government’s third and final sale of $2.1 billion in ING’s remaining private-label residential mortgage-backed securities portfolio, but investor demand may not be quite as high as the previous ING sale in mid-January.

    • 30 Jan 2014
  • Implementing TBA Margin Practices: Not An ‘Option’

    By Ted Leveroni, head of derivatives strategy, Omgeo In November 2012, the Federal Reserve Bank of New York’s Treasury Market Practices Group (TMPG) put forward a recommendation for forward-settling agency mortgage backed securities (MBS) transactions to be margined in order to better manage counterparty exposures.

    • 30 Jan 2014
  • Cuomo Appointment Fast-Tracks $8.5 Bln BofA Settlement Decision

    The New York judge reviewing an $8.5 billion settlement between mortgage bond holders and Bank of America was appointed this month by Gov. Andrew Cuomo to an appellate court, a development that will likely accelerate a decision before she leaves office this Friday.

    • 29 Jan 2014
  • Dealers Scramble To Bid For Final ING Sale, But Investors May Hesitate

    Dealers today scrambled to submit bids for the Dutch government’s third and final sale of $2.1 billion in ING’s remaining private-label residential mortgage-backed securities portfolio, but they may be met with more investor hesitancy than the previous sale when they turn around to sell the bonds, according to market participants.

    • 28 Jan 2014
  • Fewer Storm Clouds Over Spanish Mortgage Market—Fitch

    The rate of Spanish mortgages falling into arrears fell in the last quarter of 2013, according to Fitch Ratings, as the economy emerged from recession. But the rating agency expects house prices will only hit a trough in 2015, with arrears and non-performing loan ratios set to continue rising.

    • 28 Jan 2014
  • Congressman Calls For Scrutiny Of REO-To-Rental Securitizations

    Large institutional investors in single family rental properties are crowding out first-time home buyers who cannot compete with investors’ cash offerings, according to a letter and report signed last week by freshman Congressman Mark Takano (D-Calif.), who is requesting a hearing into the business.

    • 27 Jan 2014
  • CMBS loan repayments down in Q4, says Moody’s

    European CMBS loans reached their lowest rate of repayment for two years in the fourth quarter of last year, driven by the high leverage and lower quality of the under properties, according to Moody’s.

    • 24 Jan 2014
  • Outlook Dim For CRE Despite Recovering Fundamentals

    The outlook for commercial real estate and commercial mortgage-backed securities is not as bright as the recovery in fundamentals suggests and there could be trouble ahead for the asset class if things continue in the same direction, according to market pros at ABS Vegas.

    • 23 Jan 2014
  • Another QM Challenge: Will A Loan Still Be Eligible Tomorrow?

    One lesson the mortgage industry learned during the recent financial turmoil: documentation matters.

    • 23 Jan 2014
  • Ex-SEC Chair: Expect ‘Improvements’ To Reg AB II This February, And A ‘Relaxed’ QRM

    Securitization professionals should expect long-awaited clarity on Regulation AB II in February at an open meeting of the Securities and Exchange Commission, according to former SEC chair Chris Cox at an industry conference in Las Vegas.

    • 23 Jan 2014
  • CMBS loan repayments down in Q4, says Moody’s

    European CMBS loans reached their lowest rate of repayment for two years in the fourth quarter of last year, driven by the high leverage and lower quality of the under properties, according to Moody’s.

    • 21 Jan 2014
  • Regulation: Don’t Overlook Residual Risks, Especially From The CFPB

    The regulatory pipeline for securitization this year may be just as busy as 2013, but residual risks could impact issuers and buyers in ways unexpected and overlooked, legal and policy analysts agree.

    • 17 Jan 2014
  • Lenders Open New Door In Home Rental Securitizations

    Big private-equity backed lenders are filling a void left by banks, writing loans to small and middle market rental investors that would go into novel securitizations with features close to commercial mortgage-backed securities.

    • 17 Jan 2014
  • Restructuring for Theatre care homes enters final phase

    The servicer and senior noteholders in Theatre (Hospitals) No 1 and No 2 CMBS, which are backed by a portfolio of 35 care homes in the UK, have approved a final extension of the loan maturity date to April this year. Stakeholders will need to agree on a restructuring plan by then or the loan will be enforced.

    • 17 Jan 2014
  • Chiswick Park sale will not trigger CMBS prepayment

    Blackstone’s sale of Chiswick Park, the west London business park that was the underlying asset in Europe’s first post-crisis CMBS, to the China Investment Corporation will not trigger a prepayment of the outstanding CMBS debt, according to analysts at Bank of America Merrill Lynch.

    • 17 Jan 2014
  • Bayview Hits Market With First NPL Of 2014

    Bayview Financial is issuing a 1.64-year non-performing loan securitization, the first non-performing loan of the year among mortgage-backed securities.

    • 15 Jan 2014
  • ING Bailout Bonds Expected To Trade Well

    The Dutch government’s impending sale of $4.27 billion in U.S. prime and near-prime mortgage debt from ING is likely to see healthy demand, which could in turn push up valuations on similar assets held by investors.

    • 15 Jan 2014
  • Restructuring Discussions For Theatre Care Homes Enters Final Phase

    The servicer and senior noteholders in Theatre (Hospitals) No1 and No2 commercial mortgage-backed securities, which are backed by a portfolio of 35 care homes in the U.K., have approved a final extension of the loan maturity date to April this year.

    • 14 Jan 2014
  • Restructuring discussions for Theatre care homes enters final phase

    The servicer and senior noteholders in Theatre (Hospitals) No1 and No2 CMBS, which are backed by a portfolio of 35 care homes in the UK, have approved a final extension of the loan maturity date to April this year. Stakeholders will need to agree on a restructuring plan by then or the loan will be enforced.

    • 14 Jan 2014
  • Fannie Mae Risk-Transfer Passes Another $750M To Private Market

    Fannie Mae will sell investors two $375 million notes in its second risk-transfer transaction from its Connecticut Avenue Securities shelf, a long-awaited realization of lawmakers’ goals to reduce taxpayer exposure to credit default risk and also provide the private sector with much-wanted access to U.S. mortgage markets.

    • 13 Jan 2014
  • Dutch Treasury Launches Second US RMBS Auction

    The Dutch government has announced another competitive auction for $4.27 billion of U.S. non-agency residential mortgage-backed securities bonds that were part of a much larger ING portfolio that needed a government back-up facility in 2009.

    • 13 Jan 2014
  • Chiswick Park Sale Won’t Trigger CMBS Prepayment— BAML

    Blackstone’s sale of Chiswick Park, the west London business park that was the underlying asset in Europe’s first post-crisis commercial mortgage-backed securities deal, to the China Investment Corporation will not trigger a prepayment of the outstanding CMBS debt, according to analysts at Bank of America Merrill Lynch.

    • 13 Jan 2014
  • Chiswick Park sale will not trigger CMBS prepayment, says BofA Merrill

    Blackstone’s sale of Chiswick Park, the west London business park that was the underlying asset in Europe’s first post-crisis CMBS, to the China Investment Corporation will not trigger a prepayment of the outstanding CMBS debt, according to analysts at Bank of America Merrill Lynch.

    • 13 Jan 2014
  • QM Era Begins, Smaller Lenders Dig Down For Loans

    The Qualified Mortgage rule has gone into effect, and as bank portfolio lenders up their bid for non-compliant mortgages, smaller and non-bank lenders are looking deeper into credit to stake their claim.

    • 10 Jan 2014
  • Markit Preps New CMBX Index

    Markit will launch the latest iteration of CMBX, its commercial mortgage-backed securities derivatives index, at the end of January.

    • 09 Jan 2014
  • Fourth Risk-Sharing Deal Slotted For Early February

    Fannie Mae is targeting next month for a second round of bond issuance designed to offload mortgage debt and share credit risk with investors, according to a person with direct knowledge of the deal. It would be the fourth risk-sharing transaction between Fannie Mae and Freddie Mac.

    • 09 Jan 2014
  • Dutch Housing Shows Signs Of Rebound

    NVM, the Netherlands’ real estate broker association, has released fourth quarter housing market data that provides the first quantifiable signs of a Dutch housing market recovery.

    • 09 Jan 2014
  • Second Home-Rental RMBS Will Launch After Jan. Conference

    American Homes 4 Rent will use the Jan. 21-24 ABS Vegas 2014 confab to amp investors before initiating a sale of bonds backed by single-family rental properties.

    • 08 Jan 2014
  • VTB Capital Completes Second RMBS In A Year For Absolut Bank

    VTB Capital has closed a RUB8.2 billion ($247.76 million) securitization backed by a portfolio of mortgages from Russia’s Absolut Bank. It managed to price the bonds at a lower coupon than for a similar deal put together for the same originating bank in April 2013.

    • 07 Jan 2014
  • REITs Follow Blackstone To SF RMBS Market

    Real estate investment trusts American Homes 4 Rent and American Residential Properties are both poised to tap the single-family REO-to-rental securitization market, helping to solidify the long-term sustainability of the sector, according to Morgan Stanley.

    • 06 Jan 2014
  • Cantor Sees CMBS Mart Topping $125B In 2014

    Cantor Commercial Real Estate’s chief executive is predicting commercial mortgage-backed securities issuance will top $125 billion in 2014, a $35 billion jump from 2013, as more borrowers tap the floating-rate and large loan markets.

    • 02 Jan 2014