Allison Bisbey
American Banker
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Past articles by Allison:
Can New York state ease benchmark switch for legacy Libor contracts?
An industry working group might seek legislation to eliminate the need for investor consent in the shift to a new benchmark interest rate. But any legislative fix is almost certain to be challenged because choosing an alternative to Libor will inevitably favor one party in a transaction over another. → Read More
Arch's next credit risk transfer deal has lower attachment point
The residential mortgages being reinsured are less risky, by several measures, than its previous deal; none of the borrowers have ever missed a payment. → Read More
Radian offloads less risk in next capital markets reinsurance deal
This time, investors required Radian to hold on to the first 2.5% of losses it covers on the pool; by comparison, the insurer’s previous deal, Eagle Re 2018-1, had a lower “attachment” point of 2.25%. → Read More
Libor switch has tax consequences, too. SFIG is asking for relief
The Structured Finance Industry Group wants Treasury and the IRS to issue a notice that a change from Libor to an alternative index would not be treated as a taxable exchange. → Read More
Why Fannie Mae might never transfer 1st loss in multifamily CIRT
While reinsurers are becoming more comfortable with the risk it is offloading, the GSE wants to maintain control of workout process for loans that go bad. → Read More
LendingHome plans programmatic issuance of fix & flip RMBS
Depending on market conditions and demand from whole loan buyers, it could fund 25% to 35% of fix-and-flip loans through deals like the $219 million one it just completed. → Read More
Goldman joins ranks of lenders securitizing conforming mortgages
GS Mortgage-Backed Securities Trust 2019-PJ1 is backed by 334 loans; some 25% of which are conforming, high-balance mortgages that were underwritten by loanDepot and Provident. → Read More
Owners of San Francisco office tower tap CMBS for cashout refi
Hines Interests used the $755 million loan from Goldman and JPMorgan to take out a $505 million mortgage from two insurance companies, MetLife and New York LIfe. → Read More
Arch, Essent go head-to-head with credit risk transfer deals
Arch Capital’s next offering of credit risk transfer notes features heavy exposure to residential mortgages that have been modified by Fannie Mae or Freddie Mac. → Read More
SFIG Vegas: CRT could be used to adjust PMI premiums, g-fees
Credit risk transfer does more than just reduce exposure to a downturn in the housing market. It also provides them with information about how others view mortgage credit risk. → Read More
Zero guarantee for GSE debt has consequences, Layton says
Without the ability to issue unsecured debt nearly as cheaply as U.S. Treasury bonds, Freddie Mac could not afford to repurchase defaulted loans from MBS, CEO Don Layton said. → Read More
Why PACE has become a 'second-look' product in California
The state's tougher oversight has stripped Property Assessed Clean Energy of its go-to project financing status among contractors. That shift may result in adverse selection. → Read More
Newly profitable, Mosaic going it alone on next solar securitization
The specialty finance company is contributing all of the collateral for the $259.7 million deal; by comparison, the previous deal included collateral contributed by Goldman Sachs. → Read More
Navient seeks to narrow CFPB’s student loan servicing lawsuit
The company has filed a request with a federal judge in Pennsylvania for a summary judgment in two counts against it, accusing the bureau of failing to provide evidence. → Read More
Departing Ginnie Mae head Bright to run securitization trade group
Michael Bright is resigning as acting president of Ginnie Mae to run the Structured Finance Industry Group, a trade association that's been without a CEO since Richard Johns resigned in July amid a reported split with the group's board. → Read More
Colorado raises the stakes in lawsuit against marketplace lenders
The state has expanded the scope of ongoing legal actions against Avant and Marlette to include several securitization trusts and trustees. → Read More
Resiliency, gut rehabs to drive growth in commercial PACE
The Property Assessed Clean Energy sector is getting a boost from the expansion of improvements eligible to be financed via tax assessments, including fire resiliency and total building renovations, according to DBRS. → Read More
Fannie Mae's latest multifamily CIRT attracts more reinsurers
Dividing the transaction into two tranches allowed the GSE to tailor the transaction to the risk appetite of participants, lowering the cost of reinsurance. → Read More
Morgan Stanley, UBS launch pair of CMBS conduits totaling $1.4B
Both the $646M UBS 2018-C15 and the $796M MSC 2018-H4 deals have relatively low leverage, helped by the inclusion of loans with investment grade characteristics. → Read More
Mortgage lenders get hard sell on commercial PACE
CleanFund has created a division that helps structure Property Assessed Clean Energy financing to meet a mortgage lender's credit criteria; its also talking to lenders about co-financing the energy upgrades. → Read More