New capital standards proposed for larger banks; CrossCountry Mortgage, Hildene Capital Management join hands on non-agency MBS; LIBOR update; Angelo Gordon boost emphasis on MBS and ABS.
Industry participants continue to try to influence the Securities and Exchange Commission on a proposed rule addressing conflicts of interest in the securitization market.
At one point, First Republic Bank was a major contributor to non-agency MBS. In recent years, the bank retained its production, though JPMorgan Chase could move to sell the loans.
AGNC CEO is comfortable with FDIC’s plans for sales of MBS held by failed banks; Morgan Stanley revives jumbo MBS; UBS prepares for legacy residential MBS action by DOJ; Chase offers RPLs in non-agency MBS.
Ginnie officials meet with government and private finance entities in Taiwan and South Korea; Chase hopes to use securitization to reduce capital requirements; Fitch downgrades PacWest’s credit-risk transfer deal; KBRA gives all clear on bank exposure in non-agency MBS.
The SEC’s proposed rule on conflicts of interest in the securitization market is unworkable and unnecessarily broad, according to industry stakeholders.
CRT transactions from Western Alliance Bank and Pacific Western Bank face scrutiny amid bank failures; impairments on unsecured consumer loans in ABS decline; Credit Suisse and what’s to come.
Prime jumbos are unlikely to account for the majority of non-agency MBS issued this year, a first for the products since the time before the financial crisis. Non-QM MBS issuance is holding up better and second-lien securitizations are building some momentum.
AB CarVal Investors and Ares Management are in the market with separate expanded-credit MBS, marking the first time either firm has offered that type of MBS.
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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