Ares will contribute 90% of the joint venture capital while AmWest will provide the remainder. AmWest will also the provide the non-QM loans for securitization.
Freddie Mac is seeking approval to acquire second liens. The Structured Finance Association opposes the proposal, noting that non-agency outlets are providing sufficient liquidity for seconds.
Securitization of home equity loans increased again in the first quarter, driven by closed-end second liens. Issuance is growing exponentially, helped by nonbanks and investor demand. (Includes two data tables.)
Issuance of non-agency MBS rose strongly in the first quarter, with hefty gains in prime, ECM and NPL/RPL production. While the market was well ahead of its year-ago pace, there’s still some catching up to do with 2021 and 2022. (Includes three data tables.)
Home equity shared investment products are gaining acceptance, so much so that contracts are finding their way into new securitizations. BSI hopes to be a top player as an asset manager and servicer.
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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