Rocket’s originations and secondary market sales of home equity loans are flourishing without the GSEs. It’s also not yet clear how large of a role the GSEs would have in the market for closed-end second liens.
Ginnie seeing strong demand from foreign investors; non-QM demand particularly strong in MBS market; McCargo lands at Federal Home Loan Bank of San Francisco; CMBS downgraded.
“Recent data showing stickier-than-expected inflation, rising mortgage rates and continued home price appreciation appear to have given consumers pause regarding the market’s direction,” said Doug Duncan, a senior vice president and chief economist at Fannie Mae.
Philadelphia-based Republic Bank focused its mortgage production on jumbos with below-market rates. The bank also held agency MBS that lost value as interest rates increased.