Non-agency MBS issuers typically ensure properties in the deal are damage free. That standard can be difficult to achieve if a hurricane strikes while the deal is still in the works.
SFA restarted its RMBS Symposium event this week, with an agenda driven by issues under consideration at committees and task forces within the association.
Rithm will restate financials going back to 2021; commercial lending executives expect MBS issuance to remain strong; new wildfire risk mitigation recovery bond.
The non-agency market could gain from a reduction in GSE loan limits, revision in capital requirements for banks and updated requirements for publicly registered securitizations.
The decline was driven by conventional-conforming mortgages and government-insured mortgages. The securitization rate for non-agency mortgages actually jumped in the first quarter. (Includes data table.)
Lenders are compensating for climate change by requiring higher downpayments for properties in areas of higher flood risk and increasing subordination levels in securities with a higher concentration of mortgages in flood zones.
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.
As AI becomes ubiquitous in both the origination and securitization of loans, the U.S. regulatory framework is likely to evolve closer to the stricter rules used in the European Union.
Fitch is allowing ratings for certain CRT issuance from banks to be higher than the rating on the issuer. The deals need various features to receive higher ratings.
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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