RMBS

The $426.2 million COLT 2017-2 is backed entirely by loans originated by Caliber, an affiliate of private equity firm Lone Star Funds. There are no loans originated by Sterling Bank & Trust, which accounted for 22% of the collateral for the prior deal.

Redwood Trust, long known for targeting only the most pristine borrowers, is preparing its first securitization of residential mortgages with slightly wider credit parameters.

The 4,443 single-family rental homes securing Starwood Waypoint Homes 2017-1 have an average age of 30 years, older than any previous transaction by the sponsor, but are bringing in more than $1,700 apiece in monthly rent.

The prime mortgage securitization is the fourth by Bank Nagelmackers, a small player on the Belgian mortgage scene that is owned by a Chinese insurance group comglomerate.

The average home value backing the loans is $117,000, well below the average $150,000 of other recent RPL securitizations, according to Fitch Ratings.

Fannie Mae and Freddie Mac will adjust their risk-sharing deals so that they can accommodate high loan-to-value loans refinanced under the programs replacing the Home Affordable Refinance Program.

The number of U.S. properties that were equity rich in the second quarter grew by 1.6 million properties from a year ago.

The real estate investment trust acquired or aggregated $4.7B in prime jumbo loans in 2016, and has fed the securitization market with six deals this year with a collective pool balance of $2.22B.

The transaction's pool is a blend of conforming loans from Chase and non-conforming loans from various originators, including EverBank, Social Finance, Quicken Loans and United Shore Financial Services.

The bonds are supported by the monthly income stream and underlying property values of 3,480 single-family rentals, most of which Tricon acquired from Silver Bay Realty Trust in a February merger.