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The Journal of Structured Finance

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RMBS Commentary: Non-Traditional RMBS Flourishes as Prime Jumbo Fades

Brian Grow and Gaurav Singhania
The Journal of Structured Finance Spring 2016, 22 (1) 82-84; DOI: https://doi.org/10.3905/jsf.2016.22.1.082
Brian Grow
is a managing director at Morningstar Credit Ratings, LLC, in New York, NY.
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  • For correspondence: brian.grow@morningstar.com
Gaurav Singhania
is a senior vice president at Morningstar Credit Ratings, LLC, in New York, NY.
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  • For correspondence: gaurav.singhania@morningstar.com
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Abstract

The rebound in housing prices has reduced the industry’s loss expectations for residential mortgage-backed securities (RMBS) and improved investor sentiment regarding the housing market. But the positive sentiment hasn’t bolstered the private-label, or nonagency, RMBS market. There are three key reasons for this. First, the issuers find it easier to navigate the government-sponsored enterprise (GSE) market. Second, selling loans through private-label securitization remains uneconomical and unfavorable for the issuers as compared with an agency sale (selling loans to GSEs) or a whole loan sale (selling loans into the secondary market). Third, issuers remain skeptical about opening up the credit box. This dry spell in jumbo issuance hasn’t affected issuances of resecuritization, commonly known as re-REMICs, or issuances of transactions backed by nonperforming loans and reperforming loans. There is a steady flow of issuance on these transactions, but most are nonrated.

TOPICS: MBS and residential mortgage loans, financial crises and financial market history

  • © 2016 Pageant Media Ltd
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The Journal of Structured Finance: 22 (1)
The Journal of Structured Finance
Vol. 22, Issue 1
Spring 2016
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RMBS Commentary: Non-Traditional RMBS Flourishes as Prime Jumbo Fades
Brian Grow, Gaurav Singhania
The Journal of Structured Finance Apr 2016, 22 (1) 82-84; DOI: 10.3905/jsf.2016.22.1.082

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RMBS Commentary: Non-Traditional RMBS Flourishes as Prime Jumbo Fades
Brian Grow, Gaurav Singhania
The Journal of Structured Finance Apr 2016, 22 (1) 82-84; DOI: 10.3905/jsf.2016.22.1.082
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  • Article
    • Abstract
    • DEARTH OF PRIVATE-LABEL RMBS ISSUANCE CONTINUES
    • MORE RE-REMIC ISSUANCE EXPECTED
    • SFR CONTINUES TO GROW
    • ADVENT OF MULTIBORROWER TRANSACTIONS COULD ACCELERATE GROWTH
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