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Bailey McCann, Opalesque New York:

Chicago-based HAS Capital has acquired interests in select ABS structured financings and manufactured housing related assets from Origen Financial, Inc., valued at $412 million, marking one of the largest housing ABS trades in the last two years. The assets primarily consist of equity trust certificates issued in conjunction with 7 rated securitization trusts.

HAS co-invested with a leading credit oriented investment manager which holds a majority stake in the ownership entity. Origen Financial, Inc. is a real estate investment trust that managed securitized manufactured housing loan portfolios. The acquisition represents substantially all of Origen’s current manufactured housing assets.

"We think there is a pent up demand for this type of transaction. A macro driver of this is that investors are searching for products with yield," Stephen Wheeler, Managing Director and Chairman of HAS Capital told Opalesque. "The Newcastle transaction done in May of last year, led by Credit Suisse, sold at 104% of the par value of the underlying assets. That transaction created a market value for this space."

He explains that Dodd-Frank changed the game for providers of manufactured housing mortgages and subsequently, there was a slight lull in underwriting while players got their arms around the new regulations. Now, as activity ticks back up and homeowners look for more affordable housing options investors too will see new opportunities.......................

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