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Published December 13, 2020, 5:00 AM
The Securities and Exchange Commission (SEC) announced that it has approved the securitization of P319.32 million worth of National Home Mortgage Finance Corporation’s (NHMFC) residential loan portfolio.
In a statement, the SEC said the Commission En Banc approved the secondary mortgage institution’s securitization plan, subject to the fulfillment of certain conditions.
Under the securitization plan, NHMFC will sell a select pool of 1,291 long-term secured residential loans to a special purpose trust known as BALAI Bonds 2 Special Purpose Trust (BALAI Bonds 2 SPT).
Following the sale, BALAI Bonds 2 SPT will issue P319.32 million in asset-backed securities, consisting of P150 million in class A senior notes and P169.32 million in class B subordinated notes.
BusinessWorld
December 11, 2020 | 7:45 pm
The Securities and Exchange Commission (SEC) approved Friday a plan by the National Home Mortgage Finance Corp. (NHMFC) to securitize more than 1,200 residential loans, which will be held by a special purpose trust.
Under the plan, NHMFC will sell 1,291 mortgages to BALAI Bonds 2 Special Purpose Trust (BALAI Bonds 2 SPT).
The trust will then issue P319.32 million worth of asset-backed securities, comprising P150 million Class A senior notes and around P169 million Class B subordinated notes.
“Proceeds from the issuance will then be used to pay NHMFC the purchase price for the residential loans,” the SEC said in a statement.