JPMorgan Chase is increasing its issuance of jumbo MBS backed by loans with relatively high LTV ratios. Meanwhile, Flagstar Bank is contributing loans to a jumbo MBS from Goldman Sachs.
The CFPB should allow compensating factors to be considered in lieu of a strict 43% DTI ratio limit for determining QM status, according to two separate proposals.
Issuance of expanded-credit MBS is set for a strong start in the third quarter. Presale reports for eight deals were published in the past two weeks, including the second-largest post-crisis issuance.
The Alternative Reference Rate Committee detailed how a modified SOFR could be used in place of LIBOR for new ARM originations. It also proposed fallback language to move new ARMs away from LIBOR.
The rating service will continue to take a relatively harsh view of mortgages underwritten with alternative documentation even though they have per-formed better than expected.
Blackstone it set to issue its first non-agency MBS backed by investment-property mortgages. Most of the loans in the deal were originated by lenders affiliated with Blackstone.
Federal regulators should provide incentives for non-agency MBS issuers to standardize deal features, according to Annaly and Barclays. The firms detailed various changes that could help increase issuance.
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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