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19.03.26 - 21:48
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KBRA Assigns Preliminary Ratings to GS Mortgage-Backed Securities Trust 2026-HE1 (GSMBS 2026-HE1) (Business Wire)
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NEW YORK--(BUSINESS WIRE)--#creditratingagency--KBRA assigns preliminary ratings to 6 classes of mortgage-backed notes from GS Mortgage-Backed Securities Trust 2026-HE1 (GSMBS 2026-HE1), a $301.4 million RMBS transaction sponsored by Goldman Sachs Mortgage Company (Goldman Sachs or GSMC), consisting of first lien (6.6%) and second lien (93.4%) home equity line of credit (HELOC) loans. The underlying pool is seasoned approximately six months and comprises 3,092 loans, with United Wholesale Mortgage, LLC (UWM; 79.5%) as the largest contributing originator. The HELOCs are mostly interest-only (IO) adjustable-rate mortgages (ARMs), with initial draw windows of three (69.9%), five (19.0%) or ten (10.9%) years, and 97.8% of the pool with 10-year IO periods. Most loans feature 10-year or 20-year amortization terms after the IO period, with final maturities primarily of 30 years (69.1%) and 20 years (30.0%). As of the February 28, 2026 cut-off date, the borrowers in the pool have drawn $301.4 million from a combi...
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19.03.26 - 19:51
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Another 2008 Analog: Goldman, JPM Offering Hedge Funds Ways To Short Private Credit (ZeroHedge)
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Another 2008 Analog: Goldman, JPM Offering Hedge Funds Ways To Short Private Credit
The big story last week, a narrative which we may have inadvertently started, was the recurring comparison across various sellside desks (and quite a few buysiders) of the current double crisis (private credit as an analog to the subprime crisis of 2007/2008 coupled with soaring oil prices which peaked at just below $150 in the summer of 2008 before crashing along with the start of the global financial crisis, similar to now). None other than Michael Hartnett dedicated his latest Flow Show to describing how "Wall Street Is Ominously Trading The 2008 Analog."
Well, we now have another very stark comparison to events from 2008.
Recall back then, while big banks like Goldman were actively pitching long RMBS trades to clients, seemingly oblivious of the subprime risk, they were quietly arranging transactions for their best clients - such as Paulson and Magnetar - to short the entire RMBS/housing stack in ...
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19.03.26 - 19:18
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US moves to soften capital rules: ′Big banks can declare mission accomplished′ (The Guardian)
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Fed officials expected to lower capital requirements for banks such as Goldman Sachs and JPMorgan Chase by 4.8%Sign up for the Breaking News US email to get newsletter alerts in your inboxUS federal regulators are trying to soften bank requirements, loosening the amount of capital US banks must have in what would be some of the biggest changes to bank restrictions since the 2008 financial crisis and a huge win for financial institutions.On Thursday, US Federal Reserve officials are expected to vote to lower capital requirements – the funds they need to cover risky assets – for the biggest banks by 4.8%, which could free up capital for banks such as JPMorgan Chase, Goldman Sachs and Morgan Stanley. Continue reading......
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19.03.26 - 18:36
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Oil Prices Surge After Gulf Attacks | Open Interest 3/19/2026 (Bloomberg)
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Get a jump start on the US trading day with Matt Miller and Dani Burger on "Bloomberg Open Interest." Oil and gas surge as attacks rock the Gulf—while Washington signals a possible shift on Iranian crude. President Trump distances the US from Israel's strike on Iran's key gas field. And central bankers sound cautious—Powell says it's too soon to gauge the fallout, and the ECB's Christine Lagarde says The bank is well placed to deal with growing dangers from the war in Iran after holding interest rates unchanged for a sixth meeting. Bloomberg Open Interest breaks down what it all means for markets with Goldman's Peter Oppenheimer, and the global power stakes with foreign policy expert Leslie Vinjamui. (Source: Bloomberg)...
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