Share Share on LinkedIn Share via Email Download Securitization in Focus — January 2024 Douglas Gimple 20 February 2024 Residential Mortgage-Backed Securities (RMBS) Rental Market Update Professionally managed apartment rent growth was 0.4% in Q3 2023, down from 15.3% in early 2022. 436,000 multifamily units were completed in Q3 2023, the highest count since 1988. 50% Percent of cost-burdened renters* Represents a 2.3% increase from pre-pandemic levels *Those whose rent is >30% of income 257K Number of unsheltered Represents a 48% increase between 2015 and 2023 Asset- Backed Securities (ABS) Issuance January 2024 issuance was up 65% year-over-year and was the highest monthly total since 2012. Issuance ($B) Delinquencies (%) 60+ Day Delinquencies Jan MoM YoY Subprime Auto 5.19 0.14 0.08 Consumer Loan 4.20 0.02 0.21 Marketplace Lending 2.76 0.01 -0.20 Prime Auto 0.47 0.06 0.10 Commercial Mortgage- Backed Securities (CMBS) Issuance January 2024 issuance was up 250% year-over-year but less than half of 2022 issuance. Issuance ($B) Delinquencies (%) 60+ Day Delinquencies Jan MoM Conduit 2.0 3.5 0.2 Hotel 4.4 0.2 Retail 4.4 -0.1 Office 3.8 0.3 Multifamily 1.3 0.6 Single Asset, Single Borrower (SASB) 3.0 0.0 Spread Rally in Non-Agency CMBS Rate stability and expectations for the end of the tightening cycle reinvigorated the CMBS market, but issues remain. Duration 7-10Y AAA CMBS 7-10Y AAA Corporate 7-10Y BBB CMBS 7-10Y BBB Corporate 6.89 7.42 6.47 6.68 3M Change 1Y Change Total Return (%) Sources: Deutsche Bank, ICE BofA Index data, America’s Rental Housing 2024 by the Joint Center for Housing Studies of Harvard University. Investment Grade is a bond quality rating of AAA, AA, A or BBB. 1Option-Adjusted Spread: Option-Adjusted Spread is the difference between the portfolio yield and the risk-free rate, accounting for embedded options. The views expressed are those of Diamond Hill as of February 2024 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results. /sitefiles/live/documents/insights/Blog/A-642/02_Feb_Securitization in Focus Infographic.pdf
Inside Today's Bond Market: Policy Proposals and Credit Crosscurrents 26 February 2026 From proposed housing and credit card reforms to expanding securitized issuance, Fixed Income Portfolio Specialist Douglas Gimple breaks down what’s new in bond markets — and what it means for investors. (22 min podcast) Listen
Securitization in Focus — December 2025 14 January 2026 Securitized markets posted strong results across ABS, RMBS and CMBS, supported by elevated issuance and steady credit trends. (3 min read) Read