Fitch: Prime jumbo RMBS on pace for best year since crisis

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Tanta comments on the Fitch’s 2007 Global Structured Finance Outlook On RMBS: “More borrowers today than historically are sensitive to a slowdown in HPA due to the increased amount of leverage assumed to afford the higher house prices of recent years.

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The credit-rating agency noted the "seriously" delinquent rate – of 60 days or more – within prime jumbo RMBS rose to 10.4% in June, up from 10.3% in May and 6.4% at the same time last year. What is even worse is that once borrowers go "seriously" delinquent, the cure rate has been getting steadily worse .

Ratings agencies' role in the crisis  · WFMBS 2018-1 is backed by 660 prime fixed-rate mortgages that carry a total balance of approximately $441.25 million. In addition to the exceedingly high credit scores, Fitch states that the mortgage pool is “very high quality,” carrying other attributes that make it among the strongest of all the RMBS deals rated by Fitch since the crisis.

The San Francisco MSA comprises the largest percentage of loans in post-crisis U.S. RMBS of any MSA, accounting for approximately 12% of all private-label prime jumbo RMBS issued since 2009. While the exposure to the area is significant, Fitch currently does not perceive Related Criteria U.S. RMBS Loan Loss Model Criteria (February 2016)

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Two Harbors comes but jumbo RMBS still small-time Jumbo RMBS issuance in the US is trending upward as Two Harbors markets its first deal of the year, but market participants say a lot more volume.

For clients who need long-duration assets, we prefer prime jumbo RMBS backed by pristine borrowers. We are wary, however, of the proliferation of rating agencies covering US RMBS deals, which has resulted in a notable increase in the number of split-rated bonds, and in single-rated bonds rated by less-established rating agencies.

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Volume in both sectors has already exceeded any full year since the financial crisis, with roughly $13 billion in prime and $5 billion in in non-prime RMBS issued through the first half.

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Delinquency rates on recently issued U.S. RMBS remain near zero nearly four years after the first post-crisis transaction was completed, according to Fitch Ratings in its new U.S. prime jumbo RMBS.