“This program will facilitate much-needed liquidity for issuers while improving the stability of the government-backed reverse mortgage market,” said Sam Valverde, Ginnie’s acting president.
Tom Rettinger, chief portfolio risk officer at CrossCountry Mortgage, noted that prepayment models were built for a more balanced interest rate environment.
The initial offering size was $378 million, but Rithm said the deal was increased due to "demand for the securitization's unique structure and underlying asset portfolio."
Although existing home sales rose in October, the housing market is on track for its worst year in over a decade, according to Molly Boesel, principal economist at CoreLogic.
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