Volume 2011 - Number 37
September 29, 2011
Redwood Still Flying New Non-Agency MBS With Just One Rating, But That’s All It Takes
Redwood Trust issued its second non-agency MBS of the year this week with just one rating, a sign of dramatic change in the role of credit ratings in the market. During the heyday of the non-agency MBS market, very few public deals went to market without at least two ratings and some transactions were rated by all three of the top credit rating services. Standard & Poor’s was the market leader for years, but Fitch has had a virtual monopoly on the jumbo MBS sector, which totals just two deals so far this year. S&P has effectively taken to the sidelines in rating non-agency MBS backed by new mortgages, according to...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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