Redwood Manages to Turn a Profit Despite Rate Spike, Jumbo Shifting
August 9, 2013
Redwood Trust had a $2.6 billion pipeline of non-agency jumbo mortgages at the end of the second quarter of 2013. While that usually wouldn’t cause much concern for the real estate investment trust, the loans were originated before interest rates on 30-year fixed-rate non-agency jumbos spiked by 100 basis points. The increase, beginning in mid-May, caused spreads on non-agency jumbo MBS to widen significantly. However, officials at Redwood stressed this week that the non-agency MBS market didn’t ...
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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