Vista Data Services offers products and services related to U.S. residential mortgage credit pricing. These offerings are designed to meet investors’ and lenders’ demand for accurate market-based credit pricing and are used as benchmarks for derivatives and investment products.
Core products include credit indices based on the daily pricing of Connecticut Avenue Securities (CAS) and Structured Agency Credit Risk (STACR®) debt notes issued by Fannie Mae and Freddie Mac (GSEs), respectively, and reflect extensive input from major market participants and regulators. As these GSE programs evolve, Vista will expand to meet the needs of changing characteristics of the U.S. residential mortgage credit market.
Vista CRT Indices™consist of benchmarks based on yearly cohorts of CRT securities, from 2015 through 2019, and the related subsets of these vintages reflecting separate M and B Class and High and Low Loan-to-Value (LTV) securities.
Indices are presented as Index Values and Dollar Prices based both on market observations and daily inputs from market sources. Security-level data is also available. More information about index definitions and computations can be found in Resources.
|2019 Vintage Index||100.713||0.71%||102.010||231.191||+ 5.222|
|2019 M Index||100.347||0.35%||100.519||203.082||+ 3.779|
|2019 B Index||101.695||1.69%||106.091||308.110||+ 9.169|
|2018 Vintage Index||112.228||0.94%||102.602||212.064||+ 7.665|
|2017 Vintage Index||112.008||0.90%||105.798||204.967||+ 7.900|
|2016 Vintage Index||107.694||-0.57%||106.332||281.410||+25.477|
|2015 Vintage Index||107.840||0.17%||106.467||234.858||+10.108|
|as of 4:00pm ET on 02-27-2020|
Growth of Mortgage Credit Market
The U.S. single-family residential mortgage market is one of the largest capital markets in the world at over $10 trillion. Less than 40 percent of the credit risk in this market was held by the private sector in 2013. With the advent of the GSE CRT programs, the private sector is projected to hold over 75 percent of the credit risk by 2022. Despite this projected growth, there are currently no sources of aggregated U.S. residential mortgage credit risk pricing information or effective hedging tools for residential mortgage credit risk.
Vista CRT Indices™ offer a solution to fill this void and provide a path toward market-based consolidated benchmarks for all U.S. residential mortgage lending and investing.