The ABS market was the only sector in structured finance to boost production in 2023, although issuance slipped in the fourth quarter. Residential MBS accounted for most of last year’s steep decline.
What’s the latest with Ginnie’s management of $19.5 billion in HECMs under its control thanks to the failure of RMF? Hard to say. But it appears that Carrington is handling the servicing chores, possibly, through a subservicer.
Researchers at the Office of Financial Research have developed new ways to gauge the risks banks face from potential losses on their securities holdings. The researchers caution that a number of banks showed signs of stress similar to the banks that failed in early 2023.
The Federal Reserve’s plan to reduce the size of its balance sheet by $100 billion a month may have been too ambitious. Last year, actual run-off was closer to $75 billion a month.
Securitization rates increased for GSE-eligible loans, government-insured mortgages and non-agency mortgages. While bank demand for jumbos is declining, the vast majority of the loans don’t go into MBS. (Includes data table.)
If you’re looking for positives in the residential REIT sector, take a peek at how their debt is trading these days — most north of 90 cents on the dollar. Credit belongs to lower interest rates.
A significant portion of the net revenue lenders earn on small-balance loans can be attributed to the premiums investors pay for specified pools, according to an analysis by Fannie Mae.
FDIC member suggests delaying capital requirements; Ginnie strengthens reporting requirements for nonbanks; confusion on Mr. Cooper’s reporting to Ginnie MBS investors; GSEs prep green disclosures; LendingPoint securitizations on watch for downgrade amid servicing issue.
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