In the Trump economy, predicting which way rates might go in the wake of a stock market swoon is more difficult than usual. As for MBS spreads narrowing, don’t bet on it anytime soon.
S&P says the current AA+ rating enjoyed by the GSEs is a function of their government support. Because of their capital shortfalls, both GSEs have a B- standalone credit profile rating.
Rocket is set to acquire Mr. Cooper, the second-largest servicer of loans in agency MBS. Rocket, which has a significantly high recapture rate, plans to boost retention efforts on Mr. Cooper’s portfolio.
GSE watchers believe that, to appropriately compensate the taxpayer for their government guarantee, Fannie and Freddie would have to pay a commitment fee as high as $46 billion a year.
Housing finance aficionados like the prospect of a GSE exit from conservatorship that includes the retention of the Treasury’s PSPA, especially if done in conjunction with a sovereign wealth fund.
Nothing like a good trade war to drive down MBS values and cause interest rates to rise. Yes, some mortgage investors are nervous. Overblown? We’ll find out.
HECM loan issuers are uncertain of the timeline for Ginnie to implement HMBS 2.0 amid agency-wide staffing cuts, but are confident it retained some degree of primacy on the agency’s to-do list.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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