RMBS

The PSMC 2019-3 Trust is bringing $298.6 million in notes to the market, backed by residential mortgages rounded up by subsidiaries of American International Group.

The $757.2 million Chase 2019-CL1 will be structured to sell notes that are tied to a reference pool of 979 residential mortgage loans – all of which will remain on JPMorgan’s books rather than being transferred to a trust.

The housing finance industry supports a proposed rule revision that would exempt banks regulated by the Federal Deposit Insurance Corp. from an RMBS disclosure requirement.

According to presale reports, the fixed-rate loan collateral in Angel Oak Mortgage Trust 2019-5 makes up 77.8% of the new collateral, compared to just 35.5% in Angel Oak’s previous deal that priced in July.

RESIMAC Bastille Trust RESIMAC Series 2019-1NC is an Australian-dollar (AUD) $1 billion transaction (approximately US$674.5 million) that will feature a US$250 million Class A-1 tranche of notes, according to Fitch.

A year after Fannie Mae launched its first credit-risk transfer securitization using a real estate mortgage investment conduit, Freddie is now electing to also opt for a REMIC format in offloading the credit risk to private investors.

Fitch Ratings reports the deal is the first post-crisis RMBS securitization it has rated consisting entirely of manufactured-housing loans.

Trustees are concerned about obtaining proper consents from legacy residential mortgage-backed securities investors in a timely fashion in order to make the switch from Libor to another index, Fitch Ratings said.

Citigroup's global markets realty arm is sponsoring a $362 million securitization of recently originated high-balance, nonagency mortgages, a change of pace from its recent focus on RPL deals.

A gradual approach would help the market absorb loans affected by the government-sponsored enterprises' expiring qualified mortgage exemption, a Redwood Trust executive told analysts during a recent earnings call.