Federal regulators have delayed their review of risk-retention requirements until next year. Also, most regulatory actions planned for MBS and ABS fall into the “long-term” category.
Under the CFPB proposal, which aims to establish a level playing field between the GSEs and the non-agency market, most loans will still be QMs, but there might be fewer incentives to sell the loans to the GSEs.
Demand for non-agency MBS has increased significantly in recent weeks after investors fled the market in late March and April. Issuance has been driven by somewhat seasoned non-qualified mortgages.
When the pandemic struck this spring, non-QM sales in progress fell apart involving some heavy hitters like NewRez. Now those loan buyers are getting sued for reneging on their contracts.
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.
It’s increasingly possible the Federal Reserve will add jumbo MBS to the assets eligible for TALF, according to Structured Finance Association CEO Michael Bright.
Arbor Realty Trust issued a $727.2 million non-agency multifamily MBS. For the most part, these deals are uncommon because the GSEs dominate the market.
A secondary market is developing for COVID-19-related forbearance loans where the mortgage has already funded but the consumer has asked for relief from their monthly payments.
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.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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