Hildene Capital Management formed a “strategic relationship” with CrossCountry Mortgage in late 2022, with the lender delivering non-QMs to the asset manager for securitization.
The new issuance from Balbec Capital received a preliminary AAA rating with somewhat higher credit enhancement than a typical expanded-credit MBS. It’s the second scratch-and-dent MBS from Balbec this year.
After a brief rebound in the first quarter, issuance of non-agency MBS declined in the most recent three-month period despite a tiny increase in prime deals.
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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