The fact that nonbanks dominate the Ginnie Mae servicing business does not rest well with some in Washington, DC. Is it time to create a backstop for the Ginnie MBS market just in case?
With the U.S. debt ceiling resolution far from certain, investors in agency MBS are being careful in terms of financing and leverage. A U.S. default also has ramifications for outstanding MBS and ABS.
Owners of scratch-and-dent mortgages, especially nonbanks, can’t hang onto these problematic loans forever. The good news: Sellers are more likely to accept bids this year.
Banks have gone from being reliable buyers of agency MBS to cautious holders of the securities, prompting wider spreads and opportunities for nonbank investors.
In no month since quantitative tightening began last June has the FOMC approached the $35 billion monthly cap on its planned MBS reduction. The latest action by the Fed won’t change that.
New disclosure portal for Freddie MBS investors; Ginnie details LIBOR transition plan for multifamily MBS; Andrew Davidson offers prepayment analysis for specified pools; DBRS proposes revisions to rep and warrant criteria.
MBS spreads to Treasuries continue to be fat at roughly 140 bps. But what if there’s a government debt default? Might the equation turn or will it be so ugly it won’t matter? Analysts are trying to make sense of it all.
Removals from Ginnie MBS were few and far between in the first quarter of 2023 as elevated interest rates limited loan payoffs and other withdrawal activity. (Includes data chart.)
Industry stakeholders believe Farmer Mac could face risks arising from climate change. However, the government-chartered company took issue with a proposal to amend and strengthen its capital framework.
AGNC CEO is comfortable with FDIC’s plans for sales of MBS held by failed banks; Morgan Stanley revives jumbo MBS; UBS prepares for legacy residential MBS action by DOJ; Chase offers RPLs in non-agency MBS.
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