This could prove to be a record year for the issuance of U.S. commercial mortgage-backed securities, with total issuance of $87 billion, according to Moody's Investors Service.The projected total includes $65 billion of issuance at the end of the third quarter and another $22 billion in the pipeline. At the rating agency's sixth annual CMBS conference, Moody's analyst Jim Duca reported that fusion deals are dominating the issuance, accounting for 79% of Moody's-rated deals as of the third quarter. And expectations of higher interest rates have caused a 30% increase in fixed-rate issuance so far, compared with that of last year ($52 billion, or 80%, of the Moody's-rated deals so far this year are fixed-rate). Regarding the impact of a rising interest rate environment, analyst Tad Philipp said he expects that the appetite of the government-sponsored enterprises for multifamily-backed CMBS may decline as home refinancings decline. Mr. Philipp said Moody's does not necessarily believe that a rising economy will lead to rising rents in all cases, and that the laws of supply and demand still apply to real estate. Moody's can be found online at http://www.moodys.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago