Fitch Ratings said it expects to rate the latest residential mortgage-backed certificates to be issued by Sequoia Mortgage Trust 2011-2. Redwood Trust (RWT), the only company to launch private-label residential mortgage securitizations since the financial crisis began in 2008, is issuing the RMBS. Redwood will bond 473 loans with a total balance of approximately $375 million. All the loans are prime fixed-rate mortgages originated by six originators. The deal is broken down with 53% of the mortgages originated by First Republic Bank. PHH Mortgage Corp. (PHH) makes up another 27%. The rest of the pool was originated by Wells Fargo Home Mortgage (8%) (WFC), SunTrust Mortgage (7%), PrimeLending (4%), and Sterling Savings Bank (1%). Distributions of principal and interest and loss allocations are based on a traditional senior-subordinate shifting-interest structure. Click chart below for breakdown: Redwood Trust successfully closed an earlier $290 million prime jumbo residential mortgage loan securitization, the only private deal of its kind, earlier this year. Further, a new RMBS from Redwood has been in the works for months. The firm said it intends to issue nearly $1 billion in private RMBS. Two Harbors Investment said in May it was partnering with Barclays Capital (BCS) to issue an RMBS worth $250 million. The two firms closed a $100 million mortgage warehouse facility that month to gather prime jumbo loans from select originators. Write to Jacob Gaffney. Follow him on Twitter @jacobgaffney.
Redwood lines up another jumbo RMBS
Most Popular Articles
Latest Articles
Spring housing market gets more inventory
We’ve now had back-to-back weeks of healthy housing inventory growth, making spring 2024 much healthier than spring 2023.
-
The best real estate podcasts for agents and brokers in 2024
-
Home sellers saw their profits shrink in the first quarter: Attom
-
If reelected, Trump could seek greater control over Federal Reserve
-
Acra CEO Keith Lind on staying the course amid choppy waters in non-QM
-
HUD walks back some proposed changes to HECM for Purchase program