Leverage is moderate in Saluda Grade's pool, yet the junior liens carry slightly more LTV and DTI risk, on a weighted average (WA) basis.

After four years, the senior note classes will either pay a 100 basis-point increase to the fixed coupon or the net weighted average coupon (WAC) rate, whichever is lower.

The New York Stock Exchange disclosed the news on Monday of the sudden passing of its head of International Capital Markets.

The transaction uses a shifting interest repayment structure, and its lockout that is subject to performance triggers.

Most of the pool of 1,011 residential mortgages, 69.7%, are considered non-prime mortgages, primarily due to the documentation and styles of underwriting.

FFIN 2025-3's average loan balance, $16,366 was lower compared with the 2025-2 deal, when it was $19,993, and the WA interest rate on the current deal is 12.15%, down from 12.56%.

The deal is secured by a portfolio dominated by mortgage loans considered non-qualified or exempt from ability to repay rules.

The deal has an extensive capital structure, which is expected to repay investors sequentially, with notes enhanced by subordination.

The impact of tariff policy on the mortgage-backed securities market is likely to surface first in the cost of new housing construction.

The deal is composed of 11,547 seasoned performing and reperforming loans that are first and second lien. Loan servicing includes a 180-day chargeoff feature.

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.

The deal has a step-up coupon feature that calls for the fixed rates on classes A1, A2 and A3 to increase by 100 basis points, subject to the net weighted average coupon (WAC) after four years.

A vast majority of the collateral pool balance, 82.6%, are mortgages used to purchase primary residences, and just 17.4% finance second homes.

Wall Street banks are expected to capitalize on ultra-low credit spreads and strong demand from investors after they report quarterly results.

Banks and Congressmen alike see U.S. regulators' version of Basel III as overly stringent for the securitization market.

The coupons on the class A notes steps up after four years by 100 basis points, but the coupons are subject to a net weighted average coupon (WAC) cap.

The high court sent the case back to the New York-based 2nd U.S. Circuit Court of Appeals to revisit whether the dispute can continue as a class action lawsuit.

The conduit transaction will carry a $120 million portion of a $750 million debt financing package for Facebook's newly built Oculus R&D center near San Francisco.

Three announced deals from Woodward Capital, Redwood Trust and Wells Fargo are set to price before the end of the month; additional transactions are expected soon from Morgan Stanley and Goldman Sachs.