National Home Mortgage wins approval to securitize loans

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.

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