Hildene Capital Management formed a “strategic relationship” with CrossCountry Mortgage in late 2022, with the lender delivering non-QMs to the asset manager for securitization.

The new issuance from Balbec Capital received a preliminary AAA rating with somewhat higher credit enhancement than a typical expanded-credit MBS. It’s the second scratch-and-dent MBS from Balbec this year.

Redwood Trust has increased its partnerships with banks as it expands its jumbo mortgage acquisitions in the third quarter.

New jumbo issuance from Chase, Goldman Sachs and Redwood Trust kick off the fourth quarter.

The planned $223.7 million securitization includes home equity investment agreements originated by Unlock Technologies.

New hires at SFA in legal, ABS; commercial MBS delinquencies tick up; VantageScore usage in ABS market increasing; Radian offers insurance-linked note; securitization of residential transition loans; Chase offers non-agency MBS tied to exceptionally old mortgages.

Downgrades of GSE CRT transactions, Freddie Mac K-deals and student loan ABS followed a downgrade of the credit rating for the U.S. to AA+.

After a brief rebound in the first quarter, issuance of non-agency MBS declined in the most recent three-month period despite a tiny increase in prime deals.

Issuers of non-agency MBS need to do more to help attract investors to the sector, according to industry participants.

Spreads on new non-agency MBS issuance are tightening. Still, issuance is expected to decline on an annual basis.