| 2017 | 2016 | 2015 | |
|---|---|---|---|
ABS (Public + 144A) | 98,322.7 | 64,465.5 | 109,230.1 |
| ABS (Public + 144A excluding CDOs) | 81,083.0 | 54,175.8 | 77,581.7 |
| ABS (Public Only) | 40,877.7 | 26,366.3 | 43,691.0 |
| ABS (144A Only) | 57,445.0 | 38,099.3 | 65,539.1 |
| Non-Agency MBS | 29,682.7 | 23,238.2 | 52,060.4 |
| Agency MBS | 87,955.8 | 94,239.4 | 73,636.2 |
| CMBS | 37,053.5 | 39,842.7 | 41,592.9 |
| Source: Thomson Reuters | |||
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There is a three-year revolving period when the transaction will not make any principal payments to the notes unless an early amortization event occurs.
The deal comes about 18 months after Maritime Partners completed its securitization of Jones Act shipping business revenue, raising $235.3 million.
Government securitization guarantor Ginnie Mae got the terms for the popular HMBS 2.0 program across the finish line ahead of a major change in federal leadership.
GFORT 2024-4 has an interest rate mismatch between the assets and the issued notes, which could reduce excess spread in the trust to the point where it is negative.
Investors bought 15.9% of U.S. homes sold in Q3, according to Redfin, a level similar to 2018 and 2019, when the share was around 14%.
Initially, the notes benefit from a reserve fund that equals 0.50% of the pool balance; overcollateralization, which represents 10.60% of the pool balance; and subordination.
