Recently, unusually large amounts of manufactured housing collateral has been hitting the market via bank issuance vehicles, mainly from story originators that have either exited the market or were not active MH issuers. As market exodus is a major driver of this small trend, there should not be many more of these deals, analysts said.
In particular, The CIT Group has been selling off its MH portfolio in piecemeal, and the collateral first appeared last fall in a $1.3 billion Lehman Brothers vehicle called Lehman Manufactured Housing ABS 2001-1 (see ASR 10/29). CIT retained the servicing rights. The company had been a securitizer of MH loans in the mid-1990s, but hasn't been seen as such since 1995. Earlier this month, Credit Suisse First Boston brought a $100 million deal called CSFB Pass-Thru Certs MH3, backed by loans it had purchased from CIT.