United States housing bubble

AGF in Partnership with SAF Launches Private Credit Funds for Canadian Retail and Institutional Investors

Retrieved on: 
Wednesday, July 7, 2021
Finance, Money, Economy, Investment, Banking, Credit, United States housing bubble, Accredited investor, Financial regulation, Private credit, Institutional Investor, Security

Building on AGFs commitment to growth in private alternatives, the initial offerings target Canadian retail and institutional investors through two connected offerings, AGF SAF Private Credit Limited Partnership and AGF SAF Private Credit Trust.

Key Points: 
  • Building on AGFs commitment to growth in private alternatives, the initial offerings target Canadian retail and institutional investors through two connected offerings, AGF SAF Private Credit Limited Partnership and AGF SAF Private Credit Trust.
  • AGF SAF Private Credit Limited Partnership, available to accredited investors, seeks to achieve attractive risk-adjusted returns with low correlation to traditional asset classes by constructing and maintaining a portfolio of private and public income generating credit securities.
  • AGF SAF Private Credit Trust, available to retail accredited investors and eligible investors, provides access to AGF SAF Private Credit Limited Partnership which aims to deliver attractive risk-adjusted returns with low correlation to traditional asset classes by constructing and maintaining a portfolio of private and public income generating credit securities.
  • AGF began partnering with SAF in 2014 and the launch of these private credit funds represents anextension of the partnership with SAF.

Ambac Closes Senior Secured Note Offering

Retrieved on: 
Tuesday, July 6, 2021
Professional services, Finance, Finance, Ambac, Money, Financial services, Swaps, United States housing bubble, Ambac, Libor, Security

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), a financial services holding company, today announced that its newly formed special purpose entity, Sitka Holdings, LLC (Sitka or the Issuer), has closed its previously announced offering of its LIBOR plus 4.50% Floating Rate Senior Secured Notes due 2026 (the Senior Secured Notes).

Key Points: 
  • Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), a financial services holding company, today announced that its newly formed special purpose entity, Sitka Holdings, LLC (Sitka or the Issuer), has closed its previously announced offering of its LIBOR plus 4.50% Floating Rate Senior Secured Notes due 2026 (the Senior Secured Notes).
  • The proceeds from this offering were used to fund a portion of the redemption in full of the Ambac LSNI, LLC (Ambac LSNI) LIBOR plus 5.00% Insured Secured Notes due 2023 (the Ambac LSNI Notes) and the secured note issued by Ambac Assurance Corporation (AAC) concurrent with the issuance of the Ambac LSNI Notes.
  • The offering of the Senior Secured Notes was conducted in light of favorable market conditions and to effectively extend the maturity of the Ambac LSNI Notes by approximately three years.
  • The Senior Secured Notes were offered in a private offering exempt from the registration requirements of the U.S. Securities Act of 1933, as amended (the Securities Act).

KBRA Assigns Preliminary Rating to Upstart Pass-Through Trust, Series 2021-ST6

Retrieved on: 
Tuesday, July 6, 2021
Banking, Professional services, Insurance, Finance, United States housing bubble, Finance, Money, Credit risk, Debt, Securitization, Credit rating agency, KBRA, Structured finance, Upstart, Economy, Financial law

Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes issued by Upstart Pass-Through Trust, Series 2021-ST6 (UPSPT 2021-ST6), an $83.125 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-ST6 (UPSPT 2021-ST6), an $83.125 million consumer loan ABS transaction.
  • This transaction represents the 24th ABS securitization collateralized by unsecured consumer loans originated through the online platform operated by Upstart Network, Inc. (Upstart or the Company) and the twelfth series of securities issued from the Upstart Pass-Through Trust (UPSPT, Master Trust) program.
  • KBRA applied its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the portfolio pool data, underlying collateral pool, and capital structure.
  • KBRA considered its operational reviews of Oportun, as well as periodic due diligence calls with the Company.

ARMOUR Residential REIT, Inc. Confirms July 2021 Dividend Rate Per Common Share and Q3 2021 Monthly Dividend Rate Per Series C Preferred Dividends

Retrieved on: 
Thursday, July 1, 2021
United States housing bubble, Structured finance, Real estate investment trust, Mortgage industry of the United States, Mortgage-backed security, Dividend, Taxable income, Corporate finance, Finance, Economy, Real estate mortgage investment conduit

In order to maintain this tax status, ARMOUR is required to timely distribute substantially all of its ordinary REIT taxable income.

Key Points: 
  • In order to maintain this tax status, ARMOUR is required to timely distribute substantially all of its ordinary REIT taxable income.
  • Dividends paid in excess of current tax earnings and profits for the year will generally not be taxable to common stockholders.
  • ARMOUR invests exclusively in fixed rate residential, adjustable rate and hybrid adjustable rate residential mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises or guaranteed by the Government National Mortgage Association.
  • ARMOUR is externally managed and advised by ARMOUR Capital Management LP, an investment advisor registered with the Securities and Exchange Commission (SEC).

Interactive Brokers Group Reports Brokerage Metrics and Other Financial Information for June 2021, Includes Reg.-NMS Execution Statistics

Retrieved on: 
Thursday, July 1, 2021
Banking, Professional services, Finance, Finance, Financial markets, Economy, United States housing bubble, Money, Greenwich, Connecticut, Interactive Brokers, Mark-to-market accounting, Investment, Brokerage firms

Note 1: Daily Average Revenue Trades (DARTs) customer orders divided by the number of trading days in the period.

Key Points: 
  • Note 1: Daily Average Revenue Trades (DARTs) customer orders divided by the number of trading days in the period.
  • Note 4: Mark to market gains and losses on investments in U.S. government securities and associated hedges are included in Other Income.
  • Barrons ranked Interactive Brokers #1 with 5 out of 5 stars in its February 26, 2021, Best Online Broker Review.
  • Additional information on risk factors that could potentially affect the company's financial results June be found in the company's filings with the Securities and Exchange Commission.

Mortgage Rates Inch Down

Retrieved on: 
Thursday, July 1, 2021
Mortgage industry of the United States, Mortgage, Finance, Loans, Mortgage loan, Fixed-rate mortgage, Money, Commitment rate, Freddie Mac, Economy, United States housing bubble

MCLEAN, Va., July 01, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.98 percent.

Key Points: 
  • MCLEAN, Va., July 01, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.98 percent.
  • Although low and stable mortgage rates have kept the housing market booming over recent months, a deterioration in affordability and for-sale inventory has led to a market slowdown.
  • 15-year fixed-rate mortgage averaged 2.26 percent with an average 0.7 point, down from last week when it averaged 2.34 percent.
  • Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.

Delaware Ivy High Income Opportunities Fund Announces Monthly Distribution

Retrieved on: 
Thursday, July 1, 2021
Professional services, Finance, Finance, Money, Financial services, Banking, United States housing bubble, Bond, High-yield debt, Investment funds

The Funds investment objective is to seek to provide total return through a combination of a high level of current income and capital appreciation.

Key Points: 
  • The Funds investment objective is to seek to provide total return through a combination of a high level of current income and capital appreciation.
  • The Fund seeks to achieve its investment objective by investing primarily in a portfolio of high yield corporate bonds of varying maturities and other fixed income instruments of predominantly corporate issuers, including first- and second-lien secured loans.
  • There can be no assurance that the Fund will achieve its investment objective.
  • As active managers, we prioritize autonomy and accountability at the team level in pursuit of opportunities that matter for clients.

DigitalBridge Prices $300 Million New Securitized Financing Facility

Retrieved on: 
Wednesday, June 30, 2021
Professional services, Technology, Other Technology, Commercial Building & Real Estate, Finance, Construction & Property, REIT, Finance, Money, United States housing bubble, Credit risk, Debt, Securitization, Real estate investment trust, Economy, Issuer

DigitalBridge Group, Inc. (NYSE: DBRG) (the Company) today announced two of its subsidiaries, DigitalBridge Issuer, LLC and DigitalBridge Co-Issuer, LLC (together, the Co-Issuers) have priced an offering of $300 million aggregate principal amount of Series 2021-1 3.95% Secured Fund Fee Revenue Notes, Class A-2 (the Class A-2 Notes).

Key Points: 
  • DigitalBridge Group, Inc. (NYSE: DBRG) (the Company) today announced two of its subsidiaries, DigitalBridge Issuer, LLC and DigitalBridge Co-Issuer, LLC (together, the Co-Issuers) have priced an offering of $300 million aggregate principal amount of Series 2021-1 3.95% Secured Fund Fee Revenue Notes, Class A-2 (the Class A-2 Notes).
  • The Class A-2 Notes are expected to be issued by the Co-Issuers in a privately placed securitization transaction.
  • The closing of the sale of the Series 2021-1 Notes is expected to occur on July 9, 2021, subject to satisfaction of various closing conditions.
  • DigitalBridge, structured as a REIT, is headquartered in Boca Raton with key offices in Los Angeles, New York, London and Singapore.

Chimera Investment Corporation Sponsors Two Residential Mortgage Loan Securitizations

Retrieved on: 
Wednesday, June 30, 2021
Professional services, Residential Building & Real Estate, Finance, Construction & Property, REIT, Banking, Finance, Money, United States housing bubble, Credit risk, Debt, Securitization, Loans, Economy, Mortgage loan, Structured finance

On June 25, 2021, Chimera Investment Corporation (NYSE:CIM) sponsored CIM 2021-R4, a $545.7 million securitization of seasoned reperforming residential mortgage loans.

Key Points: 
  • On June 25, 2021, Chimera Investment Corporation (NYSE:CIM) sponsored CIM 2021-R4, a $545.7 million securitization of seasoned reperforming residential mortgage loans.
  • The mortgage loans for the securitization were from the termination of Chimeras CIM 2018-R1, CIM 2018-R2, and CIM 2018-R4 securitizations (the Prior Securitizations).
  • Chimera retained subordinate interests in securities with an aggregate balance of approximately $81.9 million and certain interest-only securities.
  • Chimera also retained an option to call the securitized mortgage loans at any time beginning in June 2024.

KBRA Assigns Preliminary Ratings to Angel Oak Mortgage Trust 2021-3 (AOMT 2021-3)

Retrieved on: 
Tuesday, June 29, 2021
Professional services, Finance, Money, Finance, Loans, United States housing bubble, Mortgage loan, RMBS, Securitization, Economy

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage pass-through certificates from Angel Oak Mortgage Trust 2021 (AOMT 2021-3), a $302.6 million non-prime RMBS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage pass-through certificates from Angel Oak Mortgage Trust 2021 (AOMT 2021-3), a $302.6 million non-prime RMBS transaction.
  • Angel Oak has had ESG initiatives underway since 2019, and in early 2021 Angel Oak Capital Advisors (AOCA) implemented a Social Bond Framework (SBF).
  • In conjunction with the SBF, AOCA intends to use proceeds generated by its RMBS securitizations to finance residential loans for underserved borrowers.
  • KBRA notes that AOCAs SBF puts focus on the impact that credit availability for underserved borrowers can have on Social considerations within a broader ESG framework.