| 2004 | 2003 | 2002 | |
| ABS (Public and 144A) | 451,537 | 320,659 | 257,996 |
| ABS (Public and 144A excluding CDOs) | 413,536 | 295,871 | 227,284 |
| ABS (Public Only) | 354,526 | 260,965 | 202,382 |
| ABS (144A Only) | 97,011 | 59,694 | 55,613 |
| Non-Agency MBS | 186,326 | 192,568 | 122,798 |
| Agency MBS | 198,032 | 416,143 | 290,703 |
| CMBS | 48,847 | 39,147 | 28,371 |
| Source: Thomson Financial | |||
Almost all five A1 tranches benefit from credit enhancement levels of 26.10%. The A1A tranche, however, has a credit enhancement level of 36.10%.
The deal's obligor concentrations—its top and top five obligors account for 9.45% and 37.95% of the pool—are reigned in by WEF's focus on mission-critical essential use equipment.
The release of Fannie Mae and Freddie Mac's internal metrics support this process, but other measures will still be needed, according to Bank of America.
Ed Comber, a pioneer in music catalog securitization, also joined the firm as a partner in structured finance and securitization.
Given current rates are higher than the MBA and Fannie Mae forecasts, the industry could see further downside risk to the housing outlooks in October.
GDLP 2026-2 also has lower levels of initial credit enhancement compared to GDLP 2026-1, at 6.12% versus 5.74%; overcollateralization at 23.90% versus 24.92% and total gross excess spread of 5.55% versus 5.98%.
