Single-family rental securitization issuance in 2019 fell by 35%. Invitation Homes, the largest issuer of such deals in 2018, avoided the market entirely, focusing instead on more attractive types of financing.
Private-label commercial MBS issuance likely will climb to $120 billion in 2020 thanks to low interest rates and benign commercial real estate conditions. But there's a never-ending storm cloud: retail.
Most of the increased production in the third quarter came in agency multifamily MBS, and it remains to be seen whether new caps on Fannie and Freddie significantly reduce their footprint in the market. (Includes data chart.)