Secondary

Horizon Land Co. is securitizing a $488 million single-asset, single-borrower loan that will fund its purchase of 93 rent-site communities in the Midwest and Southwest regions.

The forward and reverse mortgage lender completed its merger with blank check company Replay Acquisition Corp. on April 1.

“Federal Housing Finance Authority Director Mark Calabria’s decisions to date are conservative and imply a slow death for the GSEs and IMBs operating in the conventional market,” analyst Chris Whalen writes.

Securitization is a sound delivery model for any lender when combined with adequate research and preparation and it offers unique benefits, too — especially in terms of greater control and efficiencies, writes Black Knight’s managing director of pipeline analytics, James Baublitz.

But private mortgage insurers should not see significant impact on business if a 25 basis point reduction were to occur sometime after 2021, according to BTIG.

A white paper released Monday by the Alternative Reference Rates Committee outlined how issuers could (and perhaps should) model new floating-rate transactions using a compounded version of the interbank overnight rate instead of Libor.

The lasting effects of work-from-home practices driven by the COVID-19 pandemic could slash some office property values to less than half of their original value – and lead to rating downgrades on affected CMBS transactions, according to Fitch Ratings.

As the U.S. economy swings from pandemic lows to a vaccine- and stimulus-induced rebound, the window of opportunity for discounted deals is closing before it ever really opened.

The forced liquidation of more than $20 billion of positions linked to the firm roiled stocks from Baidu Inc. to ViacomCBS Inc., casting a spotlight on the opaque world of leveraged trading strategies facilitated by some of Wall Street’s biggest names.

The development bodes well for outcomes on distressed loans backed by major government-related mortgage investors Fannie Mae and Freddie Mac.