A dispute between Two Harbors and its former external manager will continue in court, with a focus on intellectual property. The REIT’s chief investment officer also abruptly left at the end of the second quarter.
FICC, which provides clearing services for most to-be-announced trades, says its existing margin methodologies failed to provide adequate credit protection during the market turmoil last spring.
REIT industry holdings of agency MBS have climbed 8% higher than they were when COVID forced many firms to shrink, but investment in non-agency MBS remains depressed. (Includes data chart.)
Banks increased their holdings of Fannie/Freddie pass-throughs by $176 billion in the first quarter, while shrinking their Ginnie MBS holdings. Bank of America boosted its Fannie/Freddie portfolio by $85 billion. (Includes two data charts.)
MBS trading is drifting lower in a rising rate environment, but the outlook remains cloudy as mortgage bankers wonder how many more months they have left before refis drain for good. Or will they?
Moves by the Trump administration are disrupting the economy and the federal agencies that deal with the housing market. Bob Broeksmit, president and CEO of the MBA, isn’t sure how it’s all going to play out.
House Republicans called for the Department of Housing and Urban Development to roll back the FHA payment supplement program.
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