Securitization

The first commercial mortgage securitization is backed by eight recently acquired garden-style apartments in five states.

The largest U.S. shopping center became delinquent on its debt last year after its owner Triple Five Group began skipping mortgage payments, citing hardships from the COVID-19 pandemic.

While the balance of newly delinquent loans fell by 50% from November, the ratings agency warned that many borrowers will likely struggle to bring loans current under ongoing pandemic conditions.

Reports indicate distressed owners would rather surrender their hotel or retail properties instead of negotiate workouts on delinquent loans as the pandemic spread carries on.

The three-year loan will boost the hotel-centered REIT's dwindling cash reserves battered by the COVID-19 global impact on travel.

The availability of financing hasn’t been an issue to date, but it still could be.

The nonbank lender is co-sponsoring a $258.4 million residential mortgage pool comprised entirely of wealthy borrowers with 15-year term contracts.

Michael Gramins, who a jury convicted in 2017, was among more than a half-dozen traders charged by federal prosecutors in Connecticut with misrepresenting the prices of mortgage-backed securities to clients in order to increase their firm’s profits and their bonuses.

The deadline for inclusion in Ginnie mortgage-backed securities has been extended and an exception will be made for some participations.

The $425 million loan securitization is among two single-asset, commercial-mortgage deals launching this week. Brookfield Asset Management's global real estate arm is also tapping investors to finance an $825 million loan backed by a downtown Manhattan office building.

There are people creating a lot of unrealistic scenarios about market risk.

The pool of 359 loans also on average carry higher balances (over $900,000) compared to the REIT's earlier pass-through deal this year.

But late payments for all other investor types rose compared with the second quarter.

But existing deals are likely to experience issues resulting from higher defaults, faster prepayment speeds.

Whether Ginnie issuance increases in the future may depend in part on the extent to which the Biden administration wishes to tap the FHA to promote affordable housing and homeownership.

If CMBS litigation picks up in earnest in the aftermath of the pandemic, lessons gleaned from over a decade of RMBS litigation could pay dividends, Bilzen Sumberg lawyers Philip Stein and Kenneth Duvall say.

The single-family, duplex and multi-unit condo properties have an average age of 60 years, more than double the age of other rated SFR securitizations.

The transaction involving 345 high-balance mortgages is just the third sponsored by Morgan Stanley's mortgage acquisition and trading arm since the financial crisis more than a decade ago.

Even government-sponsored enterprise loans, which have seen forbearance rates drop for 24 weeks in a row, saw a slight uptick.

Other portions of the casino-property loan have been previously assigned to nine other commercial-mortgage securitizations.