Property Assessed Clean Energy loans can no longer be offered in unincorporated areas of Kern County, Calif. The controversial loans, meant to promote energy efficiency, began in California and are now offered in a number of states.
The trend of putting ever-smaller pieces of the same commercial mortgages into multiple securitizations requires investors to be extra careful, and will inevitably make workouts of bad loans more complicated.
Navient and Nelnet, the two largest student loan servicers, avoided downgrades on some $18 billion of bonds by extending their maturities. Getting the required consents from investors would normally take ages, but recent innovations speeded the process.