JPMorgan Chase Bank issued a deal this month that looks like it will meet requirements for favorable capital treatment by the OCC. The transactions could prompt similar issuance by other banks.
A proposal by the FDIC to decrease disclosure requirements for certain non-agency MBS issued by banks largely found support from industry participants. However, MBS investors and consumer advocates raised concerns.
JPMorgan Chase Bank has created a synthetic credit-linked note to transfer credit risk on a pool of jumbo mortgages. Unlike traditional MBS, loans in the transaction will remain on the bank’s balance sheet.
Issuance of non-agency MBS slowed near the end of the third quarter but presale reports for a number of deals have been published this month and more securities are on the way.
Originations of reverse mortgages are dominated by FHA loans. However, there’s a loan limit on FHA loans, allowing Reverse Mortgage Funding and other lenders to develop a market for proprietary products.
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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