Redwood reopens US non-agency RMBS market
Redwood Trust’s jumbo RMBS issuance – the first US non-agency deal for two years – met with strong demand. But will that be enough to entice other private issuers to tap the market?
The US non-agency residential mortgage-backed securities market reopened in April with a $238 million prime mortgage issue from Redwood Trust, a real estate investment trust in California that invests and manages non-agency residential and commercial real estate loans and securities.
In the post-crisis period, activity in the US RMBS market has been heavily reliant on government support, with 95% of issues still funded through government-sponsored enterprises, Fannie Mae and Freddie Mac. In
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