RMBS

The forced liquidation of more than $20 billion of positions linked to the firm roiled stocks from Baidu Inc. to ViacomCBS Inc., casting a spotlight on the opaque world of leveraged trading strategies facilitated by some of Wall Street’s biggest names.

The proceeds are expected to be reinvested into agency mortgage-backed securities, which already make up 93% of Annaly's portfolio.

A PIMCO-sponsored HELOC securitzation, as well as a mortgage-insurance linked transaction, are the latest examples of issuers getting a head start on switching to an expected replacement benchmark for Libor.

The deal is only the third post-crisis securitization of higher-risk manufactured housing assets, following deals in 2019 and 2020 that were sponsored by FirstKey Mortgage.

Ratings agencies describe a "notable" concentration of alternative-income mortgages in the nonforming pool that were underwritten by Ellington-affiliated LendSure.

However, the share of new impairments increased, likely as a result of the high concentration of these loans given to self-employed borrowers.

DLJ and Nomura Corporate are sponsoring portfolios of mostly previously modified, well-seasoned mortgages that have at least two years of clean-current payment status.

The weighted average seasoning is 34 months, well above that of prior Invictus-sponsored deals on the Verus shelf that are typically new originations under 10 months.

The transaction features a pool of non-qualified mortgages with a higher-than-average delinquency rate driven by COVID-19 relief plans.

The Swiss banking giant is expected to set aside $850 million for litigation costs stemming from a long-running dispute with bond issuer over the sale of mortgage-backed securities.

The availability of financing hasn’t been an issue to date, but it still could be.

The nonbank lender is co-sponsoring a $258.4 million residential mortgage pool comprised entirely of wealthy borrowers with 15-year term contracts.

But existing deals are likely to experience issues resulting from higher defaults, faster prepayment speeds.

If CMBS litigation picks up in earnest in the aftermath of the pandemic, lessons gleaned from over a decade of RMBS litigation could pay dividends, Bilzen Sumberg lawyers Philip Stein and Kenneth Duvall say.

The single-family, duplex and multi-unit condo properties have an average age of 60 years, more than double the age of other rated SFR securitizations.

The transaction involving 345 high-balance mortgages is just the third sponsored by Morgan Stanley's mortgage acquisition and trading arm since the financial crisis more than a decade ago.

Even government-sponsored enterprise loans, which have seen forbearance rates drop for 24 weeks in a row, saw a slight uptick.

Citigroup's realty arm is sponsoring a $1.06 billion RMBS of highly seasoned mortgage loans with troubled histories. All of the loans were acquired via a Fannie whole-loan auction.

The insurance company has previously sponsored three securitizations of reperforming/nonperforming loans since 2017.

The lease/purchase home operator is securitizing a loan with higher debt-service coverage that most prior MBS issues from its trust. It also is providing a geographically diverse mix of homes that make the deal less vulnerable to isolated outbreak hotspots.