The new documentation process eliminates the need for recordation and title insurance, with certain exceptions, for servicers participating in FHA’s COVID-19-related advanced loan-modification program.
Every sector of the ABS market saw substantial increases in new issuance last year. Vehicle finance securitization and business ABS remained the top asset classes, though other markets gained share. (Includes two data charts.)
SFVegas pushed back to July; commercial MBS delinquencies rise for first time in more than a year; Fannie obtains ratings for older CRTs; Verizon to issue more ABS tied to cellphone payment plans.
New Residential Investment started acquiring single-family rental properties in 2019, and now has enough holdings to complete its first securitization in the sector.
Fannie priced a credit-risk transfer deal linked to single-family mortgages; the SEC won’t take an enforcement action against Two Harbors; performance of consumer ABS backed by loans originated by marketplace lenders expected to decline.
Industry participants are confident that the non-agency market can absorb some GSE mortgages that will otherwise be subject to higher fees; SFA highlights ABS LIBOR complication; Credit Suisse modifies MBS issued in 2019; New Residential set to issue single-family rental securitization.
There’s a growing market for ABS where deals are negotiated discreetly between the issuer and a handful of investors. The securities typically don’t receive credit ratings.
The defendants said the case was not timely and the bureau’s allegations didn’t apply to them because of statutory wording. The judge, using dictionary definitions and SCOTUS precedent, rejected those claims.
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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