The company is set to issue the first post-crisis non-agency MBS stocked entirely with home-equity lines of credit. Fitch assigned preliminary AAA ratings to the deal.
Pretium Partners, the creation of former Goldman Sachs executive Donald Mullen, has agreed to buy non-QM MBS issuer Deephaven Mortgage for an undisclosed sum. Market watchers believe more acquisitions may lie ahead for Pretium.
The subprime crisis of 2008 may be over but court cases tied to MBS underwriting misdeeds continue to linger. The latest action pits the FHFA against Wells Fargo for one of its acquisitions: Wachovia.
In the MBS Grapevine this week: The lowest rates ever (maybe) and concerns about future GSE earnings from regulator Mark Calabria. Also, Ginnie Mae seeks committed capital.
The regulator has overturned disciplinary sanctions levied by the Public Com-pany Accounting Oversight Board against an auditor of Thornburg Mortgage, now defunct.
ARRC publishes details on how MBS and ABS linked to LIBOR can transition to a different reference rate. The fallback language applies to newly-issued deals.
Investors and issuers are divided on the usefulness of disclosure requirements for MBS and ABS. While investors said disclosures encourage them to buy securities, issuers cited them as a burden.
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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