Securitization

Star investor Jeffrey Gundlach and his team have generated strong returns by focusing on under-followed pockets of the market like mortgage securities, but his success may be hard to replicate.

As home value appreciation keeps churning, the share of those upside down on their mortgage grows smaller than ever, according to CoreLogic's Home Equity Report.

Blackstone Real Estate Partners is planning a $1.7 billion bond sale secured by a commercial mortgage loan that financed its newly acquired controlling interests in Great Wolf Lodge waterpark entertainment resort properties.

REIT Paramount Group is getting a $140M equity pay-out in a debt refinancing for the noted Broadway Theater district office tower, home to the Gershwin Theater and several prominent tenants.

The share of Department of Veterans Affairs-guaranteed loans in Ginnie Mae mortgage-backed securities issuance rose to 42% in the most recent fiscal year from almost 39%, and could continue to rise.

Mortgage-bond investors will need to absorb about 26% more agency MBS supply in 2020 as both home sales and prices continue to climb, according to the average estimate of six of Wall Street's biggest dealers.

According to presale reports, Ohana Real Estate Investors is sponsoring a $370 million bond sale backed by an interest-only, floating-rate loan financing its purchase of the Monarch Beach Resort in Dana Point, Calif.

According to presale reports, Ohana Real Estate Investors is sponsoring a $370 million bond sale backed by an interest-only, floating-rate loan financing its purchase of the Monarch Beach Resort in Dana Point, Calif.

The latest deal, WFCM 2019-C54, involves 44 loans secured by 88 properties, with a heavy exposure to office (32%), multifamily (21.1%) and retail (17.9%) properties.

The latest deal, WFCM 2019-C54, involves 44 loans secured by 88 properties, with a heavy exposure to office (32%), multifamily (21.1%) and retail (17.9%) properties.

The outperformance of mortgage-backed securities versus U.S. Treasuries has extended for a third straight month into November, buoyed in part by a decline in volatility.

Developer Stephen Ross' firm is among a trio of sponsors securitizing part of a $1.245 billion loan for another office tower development in New York's Hudson Yards submarket.

The two deals continue a late-year surge of private-label RMBS deal volume totaling $8.37 billion priced since Oct. 1.

For the private-label mortgage-backed securities market to grow, regulators need to focus on collateral management in addition to changes to data disclosure rules.

Nationstar’s next securitization of defaulted or inactive home equity conversion mortgages will have a higher-than-average exposure to properties with steep leverage, as well as ties to judicial foreclosure states.

Blackstone Real Estate Partners is securitizing a new $343 million commercial mortgage that financed the parent firm’s recent acquisition of a portfolio of Southern California apartments.

Changing or eliminating the exemption to the qualified mortgage rule could harm consumers and put smaller lenders at a disadvantage to the big banks.

The Federal Housing Finance Agency has extended its deadline for investor comments on a proposal aimed at better aligning pooling practices for loans in uniform mortgage-backed securities.

There's been chatter that investors are shying away from Fannie Mae and Freddie Mac mortgage-backed securities because Congress may not enact housing finance reform. Be skeptical of those claims.

Lenders have bundled more than $18 billion worth of non-QM, private-label loans into bonds this year that they then sold to investors, a 44% increase from 2018 and the most for any year since the securities became common post-crisis.