United States housing bubble

KBRA Assigns Preliminary Ratings to Pagaya AI Debt Selection Trust 2021-1

Friday, February 26, 2021 - 11:30pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Pagaya AI Debt Selection Trust 2021-1 (PAID 2021-1), a consumer loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Pagaya AI Debt Selection Trust 2021-1 (PAID 2021-1), a consumer loan ABS transaction.
  • This transaction is the second publicly rated securitization for Pagaya Investments US LLC (Pagaya).
  • Pagaya is a 100% owned subsidiary of Pagaya Technologies Ltd., which is an Israeli corporation.
  • KBRA has performed operational reviews of Pagaya and each of the Platform Sellers and has conducted surveillance on each platforms recent securitizations.

Two Harbors Investment Corp. Announces 2021 Annual Meeting of Stockholders

Thursday, February 25, 2021 - 9:15pm

(NYSE: TWO), an Agency + MSR mortgage real estate investment trust, today announced that its 2021 Annual Meeting of Stockholders will be held virtually on May 19, 2021, beginning at 10 a.m. Eastern Daylight Time.

Key Points: 
  • (NYSE: TWO), an Agency + MSR mortgage real estate investment trust, today announced that its 2021 Annual Meeting of Stockholders will be held virtually on May 19, 2021, beginning at 10 a.m. Eastern Daylight Time.
  • Stockholders can attend the virtual annual meeting via the internet at www.virtualshareholdermeeting.com/TWO2021 .
  • We recommend that stockholders log in at least fifteen minutes before the meeting to ensure they are logged in when the meeting starts.
  • Two Harbors Investment Corp., a Maryland corporation, is a real estate investment trust that invests in residential mortgage-backed securities, mortgage servicing rights and other financial assets.

KBRA Assigns Preliminary Rating to Upstart Pass-Through Trust, Series 2021-ST3

Thursday, February 25, 2021 - 7:05pm

Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes issued by Upstart Pass-Through Trust, Series 2021-ST3 (UPSPT 2021-ST3), a $64 million consumer loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes issued by Upstart Pass-Through Trust, Series 2021-ST3 (UPSPT 2021-ST3), a $64 million consumer loan ABS transaction.
  • The preliminary rating reflects initial credit enhancement of 36.00%.
  • This transaction represents the twentieth ABS securitization collateralized by unsecured consumer loans originated through the online platform operated by Upstart Network, Inc. (Upstart or the Company) and the ninth series of securities issued from the Upstart Pass-Through Trust (UPSPT, Master Trust) program.
  • KBRA also conducted an operational assessment of Upstart, as well as a review of the transactions legal structure and transaction documents.

The Change Company Names Jesse Elhai Head of Capital Markets

Thursday, February 25, 2021 - 5:02pm

The Change Company, Americas Community Development Financial Institution (CDFI), has appointed Jesse Elhai as Managing Director.

Key Points: 
  • The Change Company, Americas Community Development Financial Institution (CDFI), has appointed Jesse Elhai as Managing Director.
  • Mr. Elhai is responsible for leading the companys Capital Markets where he will oversee the financing, sales and trading, and securitization of all non-conventional whole loans.
  • Mr. Elhai stated, I am excited to join The Change Company and build an industry leading capital markets team.
  • Whole loans originated by The Change Company have been included in securitizations issued by Pimco, Angelo Gordon, and others.

Planet Home Lending Promotes Two to Senior Vice President

Thursday, February 25, 2021 - 2:43pm

MERIDEN, Conn., Feb. 25, 2021 /PRNewswire/ -- Planet Home Lending , LLC, a national lender and servicer, has promoted Jodi Bailey to Senior Vice President, Total Rewards, and Terry Mitchell to Senior Vice President, Human Resources.

Key Points: 
  • MERIDEN, Conn., Feb. 25, 2021 /PRNewswire/ -- Planet Home Lending , LLC, a national lender and servicer, has promoted Jodi Bailey to Senior Vice President, Total Rewards, and Terry Mitchell to Senior Vice President, Human Resources.
  • Both of the promotions come as Planet Home Lending continues to expand its mortgage platform and attract top talent.
  • "This has been an exciting year for Planet Home Lending as we more than doubled total origination volume and nearly doubled the servicing portfolio," said Ben Hughes, Executive Vice President and Chief Human Resources Officer of Planet Home Lending.
  • For more information about Planet Home Lending, LLC, please visit https://PlanetHomeLending.com or https://PHLCorrespondent.com/ .

Vacant Zombie Properties Remain Miniscule Factor In U.S. Housing Market Amid Ongoing Foreclosure Moratorium

Thursday, February 25, 2021 - 5:01am

Among the nation's total stock of nearly 99 million residential properties, zombie properties continue to represent just a miniscule portion only one of every 14,825 homes in the first quarter of 2021.

Key Points: 
  • Among the nation's total stock of nearly 99 million residential properties, zombie properties continue to represent just a miniscule portion only one of every 14,825 homes in the first quarter of 2021.
  • "These days, you can walk through most neighborhoods in the United States and not spot a single zombie foreclosure.
  • For the moment, though, zombie properties remain pretty much a non-issue in the vast majority of the country."
  • "But states with vacant properties caught in long judicial foreclosure processes should take steps to accelerate the disposition of those properties.

Blackstone Mortgage Trust to Present at the Citi 2021 Global Property CEO Conference

Wednesday, February 24, 2021 - 10:16pm

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) announced today that Steve Plavin, Chief Executive Officer, will present at the Citi 2021 Global Property CEO Conference on Monday, March 8, 2021 at 9:00 am ET.

Key Points: 
  • Blackstone Mortgage Trust, Inc. (NYSE:BXMT) announced today that Steve Plavin, Chief Executive Officer, will present at the Citi 2021 Global Property CEO Conference on Monday, March 8, 2021 at 9:00 am ET.
  • For those unable to listen during the webcast, a replay will be available on the website approximately an hour after the event.
  • Blackstone Mortgage Trust (NYSE:BXMT) is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia.
  • Blackstone Mortgage Trust assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.

Freddie Mac Prices $1 Billion Multifamily K-Deal, K-741

Wednesday, February 24, 2021 - 8:01pm

The K-741 Certificates are backed by corresponding classes issued by the FREMF 2021-K741 Mortgage Trust (K-741 Trust) and guaranteed by Freddie Mac.

Key Points: 
  • The K-741 Certificates are backed by corresponding classes issued by the FREMF 2021-K741 Mortgage Trust (K-741 Trust) and guaranteed by Freddie Mac.
  • Freddie Mac Multifamily is a leading issuer of agency-guaranteed structured multifamily securities.
  • Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents.
  • Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders.

Freddie Mac Prices $952 Million Multifamily K-Deal, K-F100

Wednesday, February 24, 2021 - 3:00pm

The K-F100 Certificates are backed by corresponding classes issued by the FREMF 2021-KF100 Mortgage Trust (KF100 Trust) and guaranteed by Freddie Mac.

Key Points: 
  • The K-F100 Certificates are backed by corresponding classes issued by the FREMF 2021-KF100 Mortgage Trust (KF100 Trust) and guaranteed by Freddie Mac.
  • Freddie Mac Multifamily is a leading issuer of agency-guaranteed structured multifamily securities.
  • Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents.
  • Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders.

Black Knight's First Look: Mortgage Delinquency Rate Falls Below 6% for First Time in Nearly a Year, Yet 2.1M Homeowners Remain Seriously Delinquent

Wednesday, February 24, 2021 - 2:00pm

1)Totals are extrapolated based on Black Knight's loan-level database of mortgage assets.

Key Points: 
  • 1)Totals are extrapolated based on Black Knight's loan-level database of mortgage assets.
  • 2)All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.
  • For a more detailed view of this month's "first look" data, please visit the Black Knight newsroom .
  • For more information about gaining access to Black Knight's loan-level database, please send an email to Mortgage.Monitor@bkfs.com .