Securitization

Hurricane Irma could potentially affect more private-label mortgage securities collateral than any other recent storm.

The $426.2 million COLT 2017-2 is backed entirely by loans originated by Caliber, an affiliate of private equity firm Lone Star Funds. There are no loans originated by Sterling Bank & Trust, which accounted for 22% of the collateral for the prior deal.

Ginnie Mae will help issuers with certain servicing obligations if more than 5% of their portfolios are in areas Hurricane Harvey has ravaged.

The 4,443 single-family rental homes securing Starwood Waypoint Homes 2017-1 have an average age of 30 years, older than any previous transaction by the sponsor, but are bringing in more than $1,700 apiece in monthly rent.

Carlyle Group LP was exonerated in a lawsuit tied to the collapse of a mortgage fund from 2008, avoiding $1 billion in damages sought by the pool's liquidators.

The legal logjam involving a pair of distressed properties in Garfield Heights, Ohio is starting to clear, after more than eight years of litigation and stagnation.

Damages have typically not been a "disruptive problem" with hurricanes because of commercial properties' insurance, Trepp reports, but expiring leases of major tenants and the energy industry fallout have already had an impact on Houston-area office buildings.

If mortgage rates rise slowly as the economy continues to grow, the impact from the Fed’s unwind on housing likely will result in a decline in refinancing activity.

The average home value backing the loans is $117,000, well below the average $150,000 of other recent RPL securitizations, according to Fitch Ratings.

Fannie Mae and Freddie Mac will adjust their risk-sharing deals so that they can accommodate high loan-to-value loans refinanced under the programs replacing the Home Affordable Refinance Program.

A $507.6 million first mortgage on the Hotel del Coronado, a 130-year-old landmark with 1,400 linear feet of direct ocean frontage, is being securitized in BBCMS 2017-DELC. Barclays is the loan seller.

MFA Financial Inc. co-CEO William Gorin died Aug. 10 after a long illness. He was 59.

Redwood Trust is raising $225 million in a debt offering with the proceeds to be used to repay borrowings that come due next year.

For all the talk that Janet Yellen’s plan to shrink the Federal Reserve’s balance sheet will hurt Treasuries, U.S. mortgage bonds face a bigger test.

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.