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Zillow's $1.2 billion of mortgage bonds in focus after company abruptly exits home-buying business

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Zillow in the past three months quietly sold about $1.15 billion worth of unrated mortgage bonds backed by its home-buying business to investors. Now what?

Zillow Group Inc.’s roughly $1.15 billion pile of mortgage bonds tied to its home-buying business has been thrust into the spotlight, after the real-estate giant on Tuesday called it quits on its iBuying home-flipping business.

Such lists happen every day on Wall Street and can help bond sellers and buyers gauge the value of a security. However, the roughly 2.3% coupon senior Zillow bond, which was on a list of four “prime” residential mortgage bonds, was pulled before its scheduled bid time Wednesday morning, according to bond-tracking platform Empirasign.

That could be considered a risky feature, since it can mean uncertainty in terms of credit risks. This time, however, it may mean a quicker outcome for bond investors. Corporate mortgages Another key way that Zillow’s mortgage bonds are different than the norm is that Wall Street banks lent to the company itself, not a pool of thousands of different homeowners.

 

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