An unsecured debt offering by a mortgage REIT? That’s correct. PennyMac is on the board with a small note deal. Might this be a sign of things to come?

New hires at SFA in legal, ABS; commercial MBS delinquencies tick up; VantageScore usage in ABS market increasing; Radian offers insurance-linked note; securitization of residential transition loans; Chase offers non-agency MBS tied to exceptionally old mortgages.

The top three REIT holders of MBS at June 30: Annaly, AGNC and Two Harbors...

Larger banks say federal regulators’ proposal to increase capital requirements is more stringent than international standards and came with insufficient explanations.

MBS holdings at Fannie and Freddie are a shadow of what they used to be. Then again, being in a conservatorship that just celebrated its quinceanera will do that to you.

The volume of FHA loans securitized into Ginnie Mae mortgage-backed securities increased 2.3% between July and August, while VA loan production sent to Ginnie declined at a similar rate. (Includes two data charts.)

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.

Bank MBS holdings have now declined for six straight quarters after peaking at the end of 2021.

The proposed capital standards were cited as one of the reasons by S&P for its decision this week to lower ratings of five regional bank.

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.