Sequoia Mortgage Trust 2013-1; Sequoia Mortgage Trust 2013-2; and Sequoia Mortgage Trust 2013-3. Sliced and diced packages of US home loans seem to be sprouting like the giant cypress trees after which the mortgage deals are named.

The recent spurt in issuance of these private-label mortgage-backed securities (MBS) has been a rare boost for Wall Street’s securitisation industry, which has largely been languishing in the years following the subprime and financial crisis.