Nonbanks are using short-term warehouse funding to their advantage, ramping up capacity when needed and quickly reducing intake when originations dip, an analysis of nonbanks’ financial statements shows.
Mortgage repurchases by banks declined by 27% during the fourth quarter. Reserves tied to repurchases increased, suggesting that mortgage buybacks could go back up in 2023. (Includes data chart.)
The Federal Reserve is working to understand why it was unable to prevent the failure of Silicon Valley Bank and some Democrats in Congress are pushing for increased regulation of community banks.
The mortgage market is losing some capacity as Impac Mortgage and Finance of America move away from traditional production. The moves follow steep losses at the companies in recent years.
It’s not a good time to be looking for work in the residential finance industry. However, the recent bank liquidity crisis caused interest rates to fall, which could improve the production outlook.
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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