Fitch Ratings sees relatively smooth sailing for residential MBS this year while times are tough in the CMBS market, and the worst could be yet to come.
Close to half of the prime non-agency MBS volume in the market since early May has been in GSE-eligible mortgages. Rocket Mortgage is the latest issuer with a GSE-eligible offering, including a number of loans with eNotes.
Goldman is a leading issuer of prime non-agency MBS and an issuer of expanded-credit deals. The firm aggregates loans from various lenders for securitization.
Demand in the secondary market for non-qualified mortgages is helping to fuel originations of the loans. Delinquencies in the sector have ticked up but aren’t yet a major concern.
Investors can’t seem to get enough non-agency MBS. Issuance is booming and demand is expected to remain elevated thanks to the outlook for interest rates, among other factors.
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.)
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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