Two non-agency MBS issued in March included a significant number of loans that didn’t receive full appraisals due to GSE policies. Rating services penalized the collateral by increasing assessed LTV ratios.
AIG is set to issue a jumbo MBS with new production and MFA Financial has a non-QM deal with loans that have seasoned for 16 months. A surge of issuance also looks likely later this month.
The investment-property lender boosted income in 4Q20 with a whole-loan sale. The firm is also planning to issue an MBS backed by recently funded loans in 2Q21.
MFA Financial made an investment in a non-QM lender, Starwood Property Trust is closing in on a similar move, and Western Asset Mortgage Capital expanded its purchase agreements.
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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