The Structured Finance Association continues to push forward on revising the disclosures used with non-agency MBS. The revisions could lead to major changes in industry practices.
These are trying times in the residential finance market. Mortgage rates are high, bond prices are falling and there’s a concern about a lack of MBS buyers. What to do? Let the Fed know how mad you are.
The Obama-era task force set up to investigate MBS fraud that contributed to the 2008 crisis has finished its job. Its efforts led the DOJ to collect $36 billion in penalties from banks, originators and rating agencies.
The rating service will assess expected payments from private mortgage insurers, with implications for MI-linked note issuance and potentially non-agency MBS with loans that have private MI.
United Wholesale Mortgage accounted for a large portion of the prime non-agency MBS issued in the second quarter. Overall, issuance remained subdued. (Includes three data charts.)
The company, however, remained the top servicer for loans in non-agency mortgage-backed securities issued in the second quarter of 2023. (Includes data chart.)
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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