Items Tagged with 'Term Asset-Backed Securities Loan Facility'

ARTICLES

  • The Commercial Real Estate Pretend and Extend Strategy Continues

    In a speech on the Federal Reserve exit strategy to the House of Representatives Committee on Financial Services, chairman Ben Bernanke noted that the government-led credit provision, the Term Asset-Backed Securities Loan Facility (TALF) is reaching its end this month. The exception to this deadline, however is newly issued commercial mortgage-backed securities (CMBS), and loans backed by newly issued CMBS. These will get an extra three months.
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  • Silence Speaks Volumes on Bailout Efforts

    Finally we are seeing solutions on the overhang of failed bank assets. The deal is a new hybrid to the market, though media outlets are calling it different names. In some sense it is similar to a covered bond, in that the government is insuring the loan pay out. However, the originator obviously failed, so it's not exactly dual recourse.
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  • Restarting the Commercial Mortgage-Backed Securities Market

    [Commercial] property prices have fallen massively - especially the 2006-2008 vintages, which have registered declines of 50% from peak to trough, compared to 30% in the previous CRE crisis in 1990/1991. Many deals which are gradually coming to refinancing have no equity left, while a majority of securitized CMBS deals at least have current cash flows. As a result, [last month's American Securitization Forum 2010] panelists say that a number of cases will be resolved through loan modification/restructuring.
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  • VIEWPOINT: You’d Think the Fed Was the Bastille

    The amount of vituperative speech and ambient hate in public “debate” has led me to strictly ration my daily dose of “the news.” So I might be the last person in America to have noticed that the left and right fringes have finally found a cause that unites them. It’s “Audit the Fed.” Right and left alike can now raise their fists and call Ben Bernanke “a criminal.”
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  • Fitch Affirms PHH Ratings on Positive Mortgage Operations

    Fitch Ratings affirmed ratings of PHH Corporation [stock PHH][/stock], reflecting the mortgage operations’ improved financial flexibility. In addition to mortgage operations, PHH also runs a vehicle management business segment. Fitch kept the long-term Issuer Default Rating (IDR) at double-B-positive and the short-term IDR at B, according to a corporate release. Fitch pointed to the recent improvement of the ABS markets for the commercial fleet asset class, as well as rational pricing and higher mortgage volume as positive trends toward profitability.
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  • Commercial Mortgage Originations Remain 'Anemic': Barclays

    Barclays Capital this week saw commercial mortgage-backed securities (CMBS)-eligible Term Asset-Backed Loan Facility (TALF) demand outstrip supply. And TALF has a long way to go, as new issuance remains low on "anemic" lending. CMBS spreads pushed wider this week in the midst of the second legacy TALF facility, which brought in $2.3bn of bids. The Federal Reserve received no bids for new issuance CMBS in this week's facility.
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  • Legacy CMBS-Eligible TALF Bids Soar, New Issue Stays Quiet

    Investors put in bids for $2.28bn in loans to purchase so-called "legacy" commercial mortgage-backed securities (CMBS) on Thursday. The bids, made through the Federal Reserve's Term Asset-Backed Securities Loan Facility for CMBS, came in at 340% of the $668.94m of bids in the July 16th facility. Thursday's legacy CMBS-eligible TALF facility bears rates of 3.03% on fixed 3-year loans and 3.9% on fixed 5-year loans. The facility closes August 28. The new issue CMBS-eligible TALF facility garnered no bids Thursday, marking the second new issue facility to pass without bids.
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