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Secondary Market

Loan-Level Data Added to Experian’s CreditHorizons for Securities

Experian recently announced that its CreditHorizons for Securities offering, which delivers Experian's consumer credit information for non-agency mortgage-backed security deals, now offers the ability to link consumer credit data to loan-level data through technology provider Lewtan's private-label deal library, ABSNet Loan. The company said this added capability expands the offering to a broader base of non-agency residential mortgage-backed securities investors.

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Warren Buffet Says Don’t Blame the Ratings Agencies

Investment sage Warren Buffet told the federal commission investigating the causes of the financial crisis that finger-pointing at the big three credit ratings agencies should be directed elsewhere. The ratings industry has come under heavy fire from lawmakers and regulators for assigning top credit grades to mortgage-backed bonds that later turned out to be lemons. But in his testimony, Warren said he's ""much more inclined"" to come down hardest on the banks' CEOs. He says the ratings agencies made the same mistake that 300 million other Americans made.

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GE Capital Plans to Shed Half of CRE Portfolio

The finance arm of General Electric Co. is making plans to shrink its $80 billion commercial real estate portfolio by half. GE Capital, at one time, accounted for nearly half of its parent company's overall income, but the financial services company whose primary focus has been on commercial lending and leasing in the Americas, continues to struggle under the trials and tribulations of the nation's credit crisis and the real estate downturn.

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Alt-A, Subprime RMBS Delinquencies Fall; Prime Late-Pays Inch Up

In what seems to be becoming a trend, delinquencies for U.S. Alt-A and subprime residential mortgage-backed securities (RMBS) declined once again in May, Fitch Ratings reported Monday. While the month-to-month decreases in past due Alt-A and subprime loans were encouraging, Fitch said the improvements were tempered by a bounce back in roll rates. The ratings agency also notes that more than a third of the performing subprime loans backing mortgage bonds have already been modified and have a ""substantial"" risk of re-default.

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Real Capital Study Finds New Buyers Are Wielding Capital for CRE Deals

It's no secret that investment in commercial property has contracted since its 2007 peak, when real estate values began to freefall and defaults began to soar. But with the retrenchment, a new study by Real Capital Analytics shows that new buyers have taken a more prominent role. Real Capital says new buyers accounted for just 15 percent of investment volume as capital poured into commercial real estate (CRE) three years ago. Now, that activity has almost doubled, with new buyers comprising nearly 30 percent of the sector's dealmaking.

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Core Mortgage Fund Closed by Cornerstone Real Estate Advisers

After raising $1.75 billion of investment capital, Cornerstone Real Estate Advisers LLC, a Hartford, Connecticut-based real estate investment manager, has closed the Cornerstone Core Mortgage Fund I LP, which invests in low-leverage core mortgages secured by properties with quality ownership and sustainable cash flows.

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Grubb & Ellis Establishes National Appraisal and Valuation Business

Grubb & Ellis Company, a commercial real estate services and investment firm based in Santa Ana, California, recently announced that it has launched a national appraisal and valuation business through a reinvigoration of its Landauer brand. The company, Grubb & Ellis Landauer Appraisal & Valuation, is focused on having a presence in every key market by the end of year and will be run by industry veterans, Douglas Haney and Eduardo Alegre.

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AmVest Partners With Arbor to Offer Multifamily Product Line to Clients

In order to meet the growing demand for commercial/multifamily loan products, AmVest Capital, LLC, a Charleston, South-Carolina-based provider of financial services and solutions to community and regional banks nationwide, has teamed up with Arbor Commercial Mortgage, a New York-based national direct lender. Through this new partnership, AmVest will now offer a complete line of Fannie Mae Delegated Underwriting & Servicing products to its group of more than 100 banks across the nation.

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Banks Have Recognized 60% of Expected Loan Charge-Offs: Moody’s

Charge-offs and non-performers continue to eat away at profitability and the sheer fundamentals of the U.S. banking system, according to Moody's Investors Service. The firm says 5 percent of banks' loans are currently non-performing assets. Moody's has estimated total loan charge-offs of $744 billion from 2008 through 2011. So far, the banks have recognized 60 percent of Moody's estimated total charge-offs and 65 percent of estimated residential mortgage losses, but only 45 percent of projected commercial real estate losses.

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Ginnie Mae Makes Key Changes to Ginnie II Multiple-Issuer Pools

In an announcement Tuesday, Ginnie Mae described specific details surrounding two important operational changes to Ginnie II multiple-issuer pools. The program changes are aimed at minimizing financial risk for warehouse lenders and making the program more efficient for all lenders, the association said in a statement.

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