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Stress tests suggest systemically important depositories could weather current risks. Meanwhile, single-family arrears remain low, but that business could be impacted.

Purchases of new single-family homes decreased 5.6% to a 679,000 annualized pace last month, government data showed Monday.

The notes benefit from subordination, overcollateralization, a reserve account and excess spread. Nelnet Servicing is also on the deal as a backup servicer.

Classes B, C, D and E benefit from credit enhancement levels amounting to 41.35%, 28.45%, 15.30% and 6.15%, and enhancements include a reserve account, excess spread and subordination.

The deal could be upsized to $1.3 billion in issuance, and benefit from several layers of credit enhancement, including a reserve fund, excess spread and overcollateralization.

Even if the 30-year fixed were to slip further to 6.4%, it is not enough to end the seller's strike, economists said.

While the government-sponsored enterprise cut its origination forecast for this year, the Mortgage Bankers Association's updated forecast was unchanged from its October prediction.

Expectations are for the notes to price at 18 basis points over the three-month interpolated yield curve on the A1 notes, which get 'A1+' and 'F1+' from S&P and Fitch.

Asset managers said in interviews last week that they're comfortable buying Treasuries and other high-quality bonds at levels they finally see as attractive.

CyrusOne Data Centers Issuer 2023-2 adds a property in Virginia, a state that accounts for a large portion of data center locations.