Allison Bisbey

Without the ability to issue unsecured debt nearly as cheaply as U.S. Treasury bonds, Freddie Mac could not afford to repurchase defaulted loans from MBS, Freddie CEO Don Layton said.

The state's tougher oversight has stripped Property Assessed Clean Energy of its go-to project financing status among contractors. That shift may result in adverse selection.

The specialty finance company is contributing all of the collateral for the $259.7 million deal; by comparison, the previous deal included collateral contributed by Goldman Sachs.

At Ginnie Mae, Michael Bright worked closely with Congress to fight churn in VA mortgages; he plans to bring the same collaborative approach to the Structured Finance Industry Group.

Michael Bright is resigning as acting president of Ginnie Mae to run the Structured Finance Industry Group, a trade association that's been without a CEO since Richard Johns resigned in July amid a reported split with the group's board.

The Property Assessed Clean Energy sector is getting a boost from the expansion of improvements eligible to be financed via tax assessments, including fire resiliency and total building renovations, according to DBRS.

Dividing the transaction into two tranches allowed the GSE to tailor the transaction to the risk appetite of participants, lowering the cost of reinsurance.

Both the $646M UBS 2018-C15 and the $796M MSC 2018-H4 deals have relatively low leverage, helped by the inclusion of loans with investment grade characteristics.

CleanFund has created a division that helps structure Property Assessed Clean Energy financing to meet a mortgage lender's credit criteria; its also talking to lenders about co-financing the energy upgrades.

Accessory dwelling units are gaining attention as a way to boost the supply of rental housing; dedicated financing could help those who need it the most.

Laurel Davis, VP, credit risk transfer at Fannie Mae, explains why the switch to a REMIC structure for CAS is important, and why it took so long.

The company’s first transaction, Eagle Re 2018-1, transfers a portion of the credit risk on approximately $36.3 billion of mortgages, according to Morningstar Credit Ratings.

The $571 million transaction is backed by 915 loans originated from 2002 and 2008 that Waterfall Asset Management acquired over eight years.

The structure reduces counterparty risk in the GSE's benchmark Connecticut Avenue Securities program; it also expands the investor base.

Rating agencies are sparring over a new feature in a private-label RMBS that upends the relationship between senior and sub bondholders.

The mortgages being reinsured are more seasoned than most other deals rated by Morningstar, which helps offset the risk of lower initial weighed average LTV.

The REIT is purchasing another $500 million of credit risk transfer notes through Fannie's L Street Securities program; this is its first deal rated by Fitch.

Wells Fargo’s first private-label mortgage securitization since the financial crisis doesn’t break any new ground — and that’s probably the point.

Similar to estimates published by Moody's and Morningstar, the data provider reckons that more than half of the loans are securitized by Fannie, Freddie or Ginnie.

Moody's sees $10.7 billion of securitized commercial mortgages at risk, Morningstar just $1.49 billion; both say loans in Freddie Mac K-deals account for a significant portion of exposure.