Rental securitizations: the next ratings blunder?
The nascent market for single-family rental (SFR) securitizations has given investors nearly $5bn of issuance so far, and yet another new issuer, Progress Residential, brought its first deal this month. Many of these real-estate owned (REO) properties were bundled into triple-A products in the run-up to the 2008 financial crisis — and investors could be left holding the bag again if history repeats itself.
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