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Investments

RMBS issuance on track to generate $12 billion in 2013

Residential mortgage-backed securitization issuance is on track to generate $12 billion in 2013, according to Standard & Poor’s.

Contributing to this trend is Stanwich Mortgage, which announced a $260 million non-agency RMBS deal backed by nonperforming loans in February, the credit rating agency said.

Wells Fargo Securities (WFC) is the lead on the deal.

The deal brings the year-to-date total for all nonagency RMBS issuance to $1.7 billion, Standard & Poor’s said.

Similarly, real estate investment trust Redwood Trust (RWT) is on track with its goal of issuing once a month as the firm embarks on its third private-label RMBS deal of 2013. 

Another issuer is Credit Suisse (CS), which priced its third private-label RMBS of the year on Nov. 30.

The deal securitizes prime, jumbo mortgages purchased as part of a mortgage portfolio acquired for structured finance purposes by subsidiary DLJ Mortgage Capital.

In December, S&P noted that total RMBS issuance was expected to hit $15 billion in 2013.

Total private-label RMBS was roughly $6 billion in 2012, compared to $2.8 billion in 2011, S&P noted.

"Agency issuance continues to dominate the market, but several issuers are accumulating collateral," according to industry reports.

cmlynski@housingwire.com

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