Today Figure announced its latest asset backed security (ABS) issuance based on home equity line of credit (HELOC) loans that were all logged on the Provenance public blockchain founded by Figure. This is the first Figure ABS issuance that was rated. DBRS Morningstar gave a AAA rating for the Class A notes and A(low) for Class B. The ABS is underwritten by Jefferies, JP Morgan and Goldman Sachs.
“Launching this rated transaction is an inflection point in capital markets, ultimately supporting more liquidity to U.S. homeowners,” said Mike Cagney, CEO and Co-founder of Figure. The company previously sued the Asset Backed Alert over comments about the quality of one of its first ABS issuances.
The ABS funding enables Figure to recycle the proceeds into more loans. According to Figure, by the end of 2022, its cumulative HELOC originations were more than $5 billion across 70,000 homes.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
