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RMBS ISSUANCE DIPS
IN Q3 2017 BUT STILL
OUTPACES 2016
Moody's Investors Service released a Sector
Update for Q 3 2017, revealing a slight decrease
in residential mortgage-backed securities
(RMBS) issuance over Q2 2017. However,
compared to Q 3 2016, issuance was up by
approximately 51 percent.
New issuance in Q 3 consisted mainly of
"prime jumbo, government-sponsored entities
(GSEs), credit-risk transfer (CRT), seasoned
performing and re-performing transactions."
Q 3 2017 saw 26 RMBS transactions issued,
down from 28 in Q2 2017. A total of 74 private-
label RMBS "backed by varying types of
collateral and CRT deals" have been issued
since the beginning of the year. Twenty-nine
were CRT or Prime Jumbo deals. Seasoned
performing and re-performing and nonprime
deals have also seen an increase in issuance
compared to a year prior.
According to Moody's Sector Update:
» Prime issuance was up compared to the
same period in 2016. Nine Prime Jumbo
transactions were issued in the first half of
2017. In Q 3 2017, that number was six.
» e single-family vacancy rate remains
stable and the tenant delinquency rate is low.
» Five CRT transactions were issued during
Q2 2017.
» Two nonprime transactions were issued
during Q 3 2017.
» Nontraditional issuance was active in Q 3
2017.
Moody's Sector Update for Q 3 2017 also
addressed the potential impact of hurricane
season. While Hurricanes Harvey and
Matthew were expected to have little impact
on the RMBS transactions rated by Moody's,
the update states, "Hurricane Irma may raise
