Blackstone securitised the income on about 3K of its portfolio of 40K properties (Single Family Rental SFR) it has been repossessing, refurbishing, then renting. This $500m deal (Invitation Homes 2013-SFR1) has created a new securitisation asset class (securitised future rental income) that one broker reckons could be worth hundreds of billions.
"The deal was the culmination of nearly two years of work and a massive campaign by Deutsche and co-leads Credit Suisse and JP Morgan to educate the ratings agencies and convince them that rental income from thousands of tenants in foreclosed homes across the country could be securitised safely." according to IFR
American Homes 4 Rent has completed several such transactions (see sepaerate post)