Barclays

If cumulative loss or a delinquency trigger event is in effect, then the deal will distribute principal among the class A notes before any principal allocation the class M1 or class B certificates.

Notes are expected to pay a coupon of 4.5% on the A1 through M2 tranches, compared with a 5.25% coupon on the previous deal.

Most of the contracts in Point Securitization Trust, 1,750 (81.64%), are second-lien as of the cut-off date.

A range of investment residential properties, including single-family homes, condominiums and multi-unit properties, will secure the debt.

ACHM 2025-HE1 will repay notes using a pro-rata, sequential pay structure that must satisfy an overcollateralization test, and cumulative loss and delinquency triggers.

Second-lien loans make up virtually the entire pool, which carries some risk of poor recovery rates. Yet 78% of the pool is also considered safe-harbor mortgages.

Excess cash flow will pay timely interest and protect against realized losses in the rated certificates before being paid out to the class X notes.

Servicers—Citadel, NewRez and Selene Finance—will not advance any delinquent principal and interest. Eventually, that should reduce loss severities to the deal.

The deal will repay investors on a hyrid pro rata, sequential basis. Credit enhancement ranges from 51.7% on the class A1A notes to the 2.25% on the class B2 notes.

Underlying borrowers have accumulated significant amount of home equity in their homes, to a weighted average (WA) original cumulative loan-to-value (CLTV) ratio of 69.5%.

T-Mobile is broadly syndicating $500 million of securities, and the total size of the securitization is $561.34 million.

A trigger occurs if the reserve fund is less than 50% of the reserve fund target amount, or if the payment date where the outstanding HEA valuation is less than 80% of the starting home valuation.

The mortgages have an average balance of $70,312, and an average coupon, on a weighted average (WA) basis, of 10.06%. Also on a WA basis, the borrowers have an original credit score of 739.

Home equity investment (HEI) agreements homeowners receive upfront cash payments in exchange for giving an investor a stake in the property and the right to collect returns.

The loan participation is part of a debt refinancing package that paves the way for expanding the Parkmerced mega-development.

The United Kingdom’s legal separation of retail deposit-taking from risker activities prevents banks from transferring domestic earnings internally, and the trapped capital has become the catalyst for a mortgage price war.

A Silicon Valley mega-office-tower complex that is home to both Amazon and Facebook corporate offices is making another appearance in a conduit commercial mortgage-loan securitization.

While a downturn is expected to come for the housing market, it could be more of a side-step than falling off a cliff, according to the latest Barclays Global Economics Weekly report.

The investigation targeted 36 residential mortgage-backed securities deals involving $31 billion worth of loans, more than half of which defaulted, according to the Justice Department.

The Puerto Rico-based bank failed in 2015. The FDIC, its receiver, is seeking unspecified economic and punitive damages from 16 lenders, including Bank of America, Barclays and Credit Suisse.