The coronavirus economic assistance package is signed, sealed and delivered but concerns remain over the ability of nonbanks to pay MBS holders in the event delinquencies spike over the short term.
Issuance of VA cash-out refis with high loan-to-value ratios could drop 50% this year due to pooling restrictions imposed by Ginnie in November. VA’s lower-LTV cash-out tiers are expected to pick up the slack.
The drop in total CLO production last year resulted from a decline in refi transactions. Issuance of new deals was up 15% from 2018 to 2019. (Includes data chart.)
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