Single-family rental issuer Progress Residential raises $675.3 million
The collateral is a single loan secured by first-priority mortgages in a pool of 2,070 single-family homes.
MBS
RMBS issuances highest in two years
Home price appreciation and favorable economic factors have led to consistent loan performance, but prepayments are increasing with an uptick in housing turnover, according to Morningstar DBRS.
GCAT’s pool of high-quality non-QMs to raise $330.7 million in RMBS
Pricing guidance on the deal puts yields on the AAA notes at 5.9% and they range to 9.1% on the B- notes, and all of the certificates are priced over the three-month interpolated yield curve.
How mortgage investments may evolve as bank share shrinks
Stakeholders are watching carefully as the 2023 crisis and a capital proposal increase banker wariness of mortgage assets, speakers at Invisso's MBS Forum said.
Point Securitization Trust to raise $141 million on home equity investment pool
Subordination provides credit enhancement to the notes, as well as deposits in the reserve and redemption accounts.
RCKT Mortgage Trust 2024-CES3 sells $447.6 million in MBS to investors
The capital structure features initial exchangeable notes among the class A, mezzanine and B1 notes. The super senior and senior support tranches will repay noteholders on a pro-rata basis.
Wold joins Hometap to lead U.S. structured products business
Formerly of Wells Fargo, she will coordinate several key units to create a structure for a sustained capital markets program that capitalizes on recent innovation and growth in home equity finance.
Freddie Mac’s home equity product proposal stokes mixed early reactions
The Structured Finance Association questions whether funding closed-end seconds is an appropriate role for the government-sponsored enterprise, while newer lenders welcome the liquidity support.
A&D Mortgage Trust to issue $401.5 million in non-QM MBS
ADMT 2024-NQM2 will repay senior position investors on a pro-rata basis, while the mezzanine and subordinate notes will be repaid sequentially.
Ginnie Mae issues warning about higher prepayments
The Department of Housing and Urban Development agency warned in an online notice that issuers with prepayments exceeding certain limits could face sanctions.
Reverse mortgages HECM loans secure $552.2 million deal
The inclusion of reclassified HECMs was seen as a potential credit shortcoming, as a small number had exceptions that are potentially meaningful, such as an expired or unapproved appraisal.
Goldman sells $373.2 million in MBS from a pool of mostly modified mortgages
The structure calls for the trust to reallocate principal so that interest is paid on the AAA through AA rated notes before other principal distributions.
Woodward Capital to raise $368.9 million from second-lien mortgages
The mortgages have an average balance of $70,312, and an average coupon, on a weighted average (WA) basis, of 10.06%. Also on a WA basis, the borrowers have an original credit score of 739.
J.P. Morgan Trust prepares to issue $479.4 million
The deal will repay investors sequentially and through a shifting interest payment structure, according to ratings analysts from Moody's Investors Service. On a weighted average (WA) basis, the rating agency notes, the mortgages have a FICO score of 773.
Banks are piling back into everything from mortgage debt to CLOs
Banks have been boosting purchases of top-rated CLOs. Commercial bank holdings of mortgage bonds are also on the upswing, climbing 12 of the last 15 weeks.
Mortgage asset quality holds up better than auto loans and credit cards
Flat growth is expected for mortgages and auto loans, while credit card loan growth will slow down.
Last year’s non-QM securitizations have higher delinquency rates
Loan criteria such as credit scores, loan types and loan-to-value ratios are all weaker than those included in 2022 deals, Fitch said.
Global bond ‘carnival’ sets stage for record two months
Mortgage-backed securities' strong showing since mid-October defies a textbook theory that they typically underperform other types of bonds when yields are falling.
BANK5 2023-5YR4 seeks to raise $744.1 million in pass-through certificates
BANK5 stands out from most standard conduit transactions, which have included mostly 10-year term loans. Fitch's historical loan performance analysis, finds five-year loans show a lower probability of default, comparatively.
Opinion Here’s why non-QM is the light at the end of the RMBS tunnel
We believe the Fed has raised rates too high, too quickly, without taking the appropriate time to observe the effects that such drastic changes will have on our economy.
Victor Kuznetsov
Imperial Fund
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