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SFR strategy raises RMBS questions

Structured Credit Investor - 3/24/2017
American Homes for Rent (AH4R) announced this week an additional public equity offering, expecting to raise over US$250m, in the latest sign that single-family rental (SFR) companies are significantly changing their funding and operations. SFR securitisation performance has been strong, yet the market opportunity may be dwindling just as it proves its value.
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Founders Part Ways With Sierra, Skopos

Commercial Mortgage Alert - 3/24/2017
Sierra Auto Finance founder Sam Ellis and Skopos Financial co-founder Mark Gallas have separately left the subprime auto lenders. Ellis held the titles of president and chief executive at Sierra. Sources said the Dallas company broke the news of his departure to employees on March 20, citing no reason other than a desire on his part to spend more time with his family.
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Hotels Don't Take Airbnb Lying Down

GlobeSt.com - 3/22/2017
SAN FRANCISCO—Airbnb has an online hospitality platform of roughly 3 million global rental unit listings. According to a recent Smith Travel Research study, this figure is more than the number of listings for the next three largest traditional hotel companies combined. The study indicated that Airbnb had a fairly small market share across 13 global markets, with less than 4% of total demand and 3% of revenues.
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Marriott Also Buying Defaulted Timeshare Loans from ABS Trusts

Asset Securitization Report - 3/20/2017
Diamond Resorts isn’t the only timeshare operator buying bad loans out of securitization trusts. In a report published Monday, Fitch Ratings noted that a timeshare loan securitization Marriott completed in 2012 has not experienced a net loss to date -- but only because the company is repurchasing bad loans. The deal, Marriott Vacation Club Owner Trust 2012-1, has experienced defaults, though not as many as Fitch expected when it initially rated the deal: just 9.39% of loans, compared with the rating agency’s initial base case proxy of 12.75%.
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