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Items Tagged with 'Risk Sharing'

ARTICLES

Freddie Mac’s second high-LTV risk-sharing bond prices tight

$33.43 billion deal carries average LTV of 91.6%
Ben Lane
STACR-HQ2 was even larger than Freddie Mac's first high LTV offering, with an unpaid principal balance of $33.43 billion and a weighted average LTV of 91.6%, spread across 147,771 loans. It priced tight compared to the first offering.
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Fannie Mae fourth risk-sharing bond prices wide

Plans next deal in November
Jacob Gaffney
This deal is consistent with prior transactions, and includes reference loans with original loan-to-value ratios of up to 97%, the government-sponsored enterprise said in a statement.
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Fannie Mae prices largest credit-risk sharing deal so far

Deal is third of its kind and totals $1.6bn
Ben Lane
The offering, Series 2014-C02, is the third in Fannie’s Connecticut Avenue Securities series. Fannie noted that this offering includes reference loans with original loan-to-value ratios of up to 97%. Previous C-deal offerings included reference loans with up to 80% original LTV ratios.
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GSE risk-sharing deals begin on a high note

High credit quality, minimal delinquencies
Brena Swanson
Loan performances for government-sponsored enterprise’s risk sharing deals are off to a strong beginning, with recent reference pools reporting better credit attributes than historical averages, even when compared to strong-performing vintages.
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Global investors taking risk from Freddie Mac

Risk-sharing bond transactions gain attention
Jacob Gaffney
"Our goal is to have regular, consistent issuances at least quarterly," said Donna Corley, senior vice president of single-family pricing, risk transfer and securitization for Freddie Mac. And this goal is now more of a possibility given the reinsurer appetite to support Freddie Mac.
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More investors buy into Freddie Mac risk-sharing deal

Placing credit risk in the private market is officially a good idea
Jacob Gaffney
The deal is backed by 140,000 residential loans, representing an unpaid principal balance of approximately $32.4 billion. This STACR pool consists of a subset of 30-year fixed-rate single-family mortgages acquired by Freddie Mac in the second quarter of 2013.
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Freddie Mac launches third risk-sharing deal

LTVs are a little high in comparison to other RMBS
Jacob Gaffney
STACR 2014-DN1 risk-sharing tranches are rated either single-A or triple-B. There are seven such tranches representing $2.4 billion of the $32.44 billion deal.
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Investors jump on Fannie Mae risk-sharing deal

Spreads keep narrowing
Jacob Gaffney
"Today's trading activity has been very brisk on the break with investor demand reportedly strong, particularly for the M2 tranche," said Interactive Data. "As of mid-day, indicative bids appear to have tightened significantly since initial pricing to +152 and +427."
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Fannie Mae launches second risk-sharing transaction

Private investors can buy more mortgage credit risk
Jacob Gaffney
Fitch reports that Fannie is improving its quality control. And with housing expected to continue to perform adequately, Fitch does not see Fannie Mae having any difficulties paying the private investors who take on this credit risk.
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Fannie Mae readies second risk-sharing transaction

Officially expected to be marketed in early 2014
Jacob Gaffney
The vehicle for issuing these deals is referred to as Connecticut Avenue Securities, which typically includes a mezzanine slice marketed to private credit risk investors.
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