Funds managed by Blackstone Tactical Opportunities issued the first multi-borrower single family rental security this week and the market appears to be set to grow throughout the year, according to industry analysts. The $229.53 million B2R Mortgage Trust 2015-1 was issued this week with AAA ratings from Fitch Ratings. “We think...
Non-mortgage ABS production jumped sharply higher in the first quarter of 2015, with $50.08 billion of new issuance, according to a new Inside MBS & ABS analysis and ranking. First-quarter issuance was up 38.1 percent from the previous three-month period, although early 2015 was down 6.3 percent from a year ago. The two strongest segments of the market were vehicle finance ABS, which accounted for 46.7 percent of issuance during the first quarter, and business loan ABS, which chipped in another 30.9 percent of new production. Ford Motor Credit had...[Includes three data charts]
Firms hoping that new guaranty fee and loan-level price adjustments promulgated by the Federal Housing Finance Agency might boost the jumbo MBS market were sorely disappointed when the final details were released by the agency late last week. One executive who works for a real estate investment trust that issues jumbos said it’s clear to him that Fannie Mae and Freddie Mac are continuing to “misprice” their g-fees. He would love...
The judicial process for Bank of America’s long-pending $8.5 billion settlement involving non-agency MBS issued by Countrywide Financial is near its conclusion and investors could see payouts as soon as August, according to analysts at Barclays Capital. The settlement was announced in 2011, and after years of legal maneuvering, approved by the Appellate Division of the New York Supreme Court in March. Bank of New York Mellon is the trustee on the 530 non-agency MBS covered by the settlement. “The trustee’s approval application to the New York Supreme Court suggests...
Issuers continue to include super prime mortgages in jumbo MBS but credit enhancement levels on the latest batch of deals vary widely, with rating services raising concerns about participants with limited track records, among other issues. Presale reports have been issued for four jumbo MBS in April thus far: a $241.06 million deal from Two Harbors Investment, a $267.19 million MBS from Five Oaks Investment, a $356.45 million deal from Redwood Trust and a $273.62 million Credit Suisse securitization. The underwriting for mortgages backing these deals is...
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