During the last 90 days, several residential mortgage-backed securities and other mortgage-related transactions hit the market.
A $1.01 billion
Structured Agency Credit Risk offering was priced last month by Freddie Mac. The STACR 2015-DNA1 offering was increased from $720 million due to demand.
Freddie said that STACR 2015-DNA1 was the first transaction where losses are being allocated based on realized losses on the related reference obligations instead of using a fixed severity approach to allocate losses.
In late March, Moody’s Investors Service rated 11 classes of
STACR 2015‐HQ1, a securitization designed to provided Freddie with credit protection on the performance of a $16.5 billion reference pool of mortgages.
“All of the notes in the transaction are direct, unsecured obligations of Freddie Mac and as such investors are exposed to the credit risk of Freddie Mac,” Moody’s stated.
McLean, Virginia-based Freddie reports it has issued $7.8 billion in STACR bonds to date.
Morningstar Credit Ratings LLC assigned ratings to one class of LSTAR Securities Investment Ltd. 2015-6.
The $705 million deal is a re-securitization of previously issued RMBS backed by Alt-A and prime mortgages.
Moody’s
rated Sequoia Mortgage Trust 2015-2, a prime RMBS backed by 518 fixed-rate first mortgages for $356 million. Most of the loans have 30-year terms. The loans were aggregated by Redwood Residential Acquisition Corp. and originated by 97 firms — though none accounted for 10 percent or more of the originations.
“The borrowers in the pool have high FICO scores, significant liquid cash reserves and equity in their properties,” Moody’s said of the Sequoia deal.
Five Oaks Acquisition Corp. was the aggregator on Oaks Mortgage Trust Series 2015‐1, an RMBS with 383 fixed-rate first liens for $267 million. All but one of the loans have 30-year terms.
Nearly of fifth of the loans in the Oaks transactions were originated by HomeStreet Bank, while another 11 percent came from Stonegate Mortgage Corp., according to Moody’s. The remaining loans were originated by 26 originators — none of which were responsible for 10 percent or more.
Cenlar FSB, New Penn Financial d/b/a/ Shellpoint Mortgage Servicing and PHH Mortgage Corp. are the servicers.
Kroll Bond Rating Agency assigned preliminary ratings last month to 47 classes of
Agate Bay Mortgage Trust 2015-3. The jumbo transaction has 335 fully amortizing, fixed-rate, first mortgages for $241 million.
On a weighted-average basis, the loan-to-value ratio on ABMT 2015-3 is 63 percent, and the credit score is 777.
WinWater Mortgage Loan Trust 2015-A includes 317 first mortgages for $231 million. The loans are fixed-rate, 30-year, prime mortgages. Shellpoint is the servicer. The loans were aggregated by Bank of America, N.A., and acquired by WinWater Home Mortgage LLC.
Moody’s rated
47 classes of the WinWater deal.
Among the 19 originators in the WinWater transaction were PrimeLending, which was responsible for 16 percent; Caliber Home Loans Inc., where 13 percent of the loans came from; Stonegate Mortgage Corp., which closed 12 percent; and JMAC Lending, which originated a tenth of the loans.
