Economists at the Federal Reserve Bank of New York found that having both to-be-announced and specified pools markets increase yields for MBS in both places.
The CRT market is showing signs of post-pandemic recovery. But Freddie Mac’s former CEO believes the re-proposed capital rule for the GSEs could make the whole CRT program pointless.
The two real estate investment trusts saw red ink in the first quarter as they were forced to sell assets when prices plummeted. MFA raised capital this week while AGMIT is considering its options.
Instead of larger, multi-issuer uniform MBS pools, FHFA wants seller/servicers to closely monitor the prepayment speeds of their broker/correspondent channels to ensure closer alignment of Fannie/Freddie pools.
Commercial banks, mutual funds and other investor groups scooped up the massive deleveraging of MBS by REITs at the end of the first quarter. Since then, the Federal Reserve has added $408 billion to its agency MBS holdings. (Includes two data charts.)
The market for REITs that invest in agency MBS is looking a lot better than it was in April. Meanwhile, AG Mortgage Investment Trust reached a $5.0 million settlement with Royal Bank of Canada.
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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