Among a number of secondary mortgage transactions so far this year are deals that include prime mortgages, non-performing loans and agency loans.
The Federal Home Loan Mortgage Corp. reported that its first
Structured Agency Credit Risk transaction this year was priced in January.
The $880 million
STACR 2015-DN1 offering of debt notes was the first in which Freddie Mac sold a portion of the first-loss risk.
Freddie’s second STACR transaction, Series 2015-HQ1, was announced earlier this month. The $725 million debt note offering includes mortgages with loan-to-value ratios ranging from 80 percent to 95 percent.
Three Agency Credit Insurance Structure transactions were reported by Freddie in January. Several insurance policies were obtained as the McLean, Va.-based firm transferred credit risk to private-capital market investors and global reinsurers.
“These three transactions transfer much of the remaining credit risk associated with three STACR deals executed in 2014 — up to a combined maximum limit of approximately $707 million of losses on pools of single-family loans acquired in 2013 and the first quarter of 2014,” Freddie stated.
Prospective buyers of $410 million in deeply delinquent home loans offered by Freddie Mac made bids on the loans in January and February, Bloomberg reported. The offering was divided into three pools — one for $160 million, another for $141 million and a third for $109 million.
J.P. Morgan Mortgage Trust 2015‐IVR2 was rated earlier this month by both Moody’s Investor Services and Fitch Ratings. The 382 hybrid adjustable-rate mortgages for $372 million were originated by First Republic Bank.
Moody’s said that
the prime mortgages backing the securitization are of better quality than other prime transactions it recently rated. In addition, the transaction “has very low risk from loan defects.”
Fitch noted that Wells Fargo Bank, N.A., is the master servicer on
JPMMT 2015IVR2, and U.S. Bank Trust, N.A., is the trustee.
Redwood Residential Acquisition Corp.’s first deal of the year, Sequoia Mortgage Trust 2015‐1, was rated by Moody’s in February. Most of the fixed-rate, prime, first mortgages have 30-year terms.
The ratings agency noted that the
SEMT 2015‐1 transaction was backed by 478 loans for $339 million. Nearly a third of the loans were originated by First Republic Bank, while HomeStreet provided 6.78 percent and Flagstar generated 5.58 percent. In all, there were 93 originators in the transaction.
In February, Moody’s rated classes of WinWater Mortgage Loan Trust 2015-2. The $317 million deal includes 516 prime first mortgages aggregated by WinWater Home Mortgage LLC.
Among the 62 originators in WIN 2015-2 were Quicken Loans Inc., which was responsible for 12.15 percent of the loans; Ditech Mortgage Corp. which originated 11.35 percent, and Prospect Mortgage LLC, where 7.07 percent of the loans came from.
Kroll Bond Rating Agency announced this month that it rated
Agate Bay Mortgage Trust 2015-2. The deal is backed by 400 first liens for $294 million and is the sixth transaction sponsored by Two Harbors Investment Corp.-subsidiary TH TRS Corp.
All of the loans in
ABMT 2015-2 are fully amortizing, 30-year mortgages. On a weighted-average basis, the LTV is 65.1 percent, the combined LTV is 65.6 percent, and the weighted-average credit score is 771.
Finally, the sale of $20 million in performing and non-performing residential and commercial loans was completed in January,
Coldwell Banker Commercial Metro Brokers announced. The loans, squired in 2009 by a regional bank, involve a loss-sharing arrangement with the Federal Deposit Insurance Corp.
