Most sectors of the structured-finance market saw declines in new issuance during the first quarter of 2022, including a steep drop in single-family agency MBS production. (Includes three data charts.)
The reputation of being a safe, liquid asset adds about 47 basis points to the “convenience premium” of agency MBS over investment grade bonds, according to the National Bureau of Economic Research.
Issuance of agency real estate mortgage investment conduits/collateralized mortgage obligations was essentially flat in 2021, with Ginnie sharply increasing its volume while GSE issuance declined. (Includes data chart.)
Higher conforming loan limits likely helped agency MBS issuance edge slightly higher in January. But the market started 2022 well behind its pace a year ago. (Includes two data charts.)
The number of newly minted Ginnie Mae issuers has fallen dramatically the past year. Something to worry about or the byproduct of the mortgage industry’s cyclicality?
Bridge Investment Group, a major player in the multifamily sector, said the proposed changes to the enterprise regulatory capital framework could actually increase the capital requirements for the GSEs.
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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