Securitization

Five deals launched in the first week include another whole loan participation in New York's GM Building, as well as a single-borrower ABS for the Park Avenue office tower complex that includes Facebook and Buzzfeed as tenants.

Farmer Mac's second-quarter net earnings increased 46% year-over-year, driven by a boost in net interest income that was enhanced by its growing loan and securities portfolio.

The 1999 Avenue of the Stars tower in the Century City submarket is part of a second Goldman Sachs CMBS transaction, and is the largest loan in the new 2017-GS7 portfolio.

With fewer CMBS deals coming to market — partly as a result of risk-retention rules — an independent finance company like Ladder Capital can’t always wait to piggyback on Wall Street’s transactions.

The private equity firm obtained an $825 million mortgage on the portfolio from Citi, Deutsche Bank and Barclays; proceeds, along with $500 million of mezzanine debt, will be used to repay exist debt and cash out $207 million of equity.

The delinquency rate for securitized commercial mortgages, which jumped in June, retreated just as quickly in July, falling 26 basis points to 5.49%. It's now only two basis points above its May level.

It's the second multifamily lender to debut in the CRE-CLO market this year, following Greystone, which completed its first deal in March. Like Greystone's deal, this one has a reinvestment period.

The senior tranche of triple-A rated notes to be issued benefits from 38.65% credit enhancement, up over 10 percentage points from 27.25% for the comparable tranche of the sponsor's previous deal.

Federal Reserve officials said they would begin running off their $4.5 trillion balance sheet “relatively soon” and left their benchmark policy rate unchanged as they assess progress toward their inflation goal.

It's the sponsor's first securitization to be rated by Morningstar; DBRS and Kroll Bond Rating Agency are still capping their ratings of Property Assessed Clean Energy bonds at double-A.

Unlike the $15 billion-asset bank’s legacy mortgage bonds, the new offering is backed by loans to borrowers with strong credit and significant equity in their homes.

Ocwen Financial finalized the deal to sell its interests in $110 billion of nonagency mortgage servicing rights to New Residential Investment Corp. for total consideration of $400 million.

Former Ginnie Mae President Ted Tozer is joining the board of directors at PennyMac Financial Services starting Aug. 1.

Colony American Finance has been rebranded as Corvest American Lender in the wake of equity and asset acquisitions by funds affiliated with Fortress Investment Group.

U.S. District Judge André Birotte has dismissed all federal claims against Renovate America and its government bond-issuing partners in three lawsuits that had sought class-action status.

The credit characteristics of the collateral are broadly similar to the sponsor's inaugural deal, completed in February, but the capital structure has been tweaked.

Last month's spike in defaults due to loans maturing drove the greatest month-over-month surge of U.S. commercial mortgage-backed securities delinquencies in six years, according to Fitch Ratings.

The House Appropriations Committee approved a HUD funding bill Monday that would prohibit the FHA from insuring properties with a Property Assessed Clean Energy loan in a first-lien position.

Citigroup and Deutsche Bank are marketing $931.6 million of commercial mortgage bonds with heavy exposure to three Manhattan skyscrapers.