The types of mortgages included in expanded-credit MBS changed somewhat during the first quarter of 2020, even before COVID-19 hit. (Includes three data charts.)
Annaly’s investments in non-agency assets fell by 33% between the end of 2019 and March 31. The REIT sold some of its holdings and issued two non-agency MBS during the first quarter.
The CFPB likely will propose revisions to QM standards in May. Feedback from non-agency participants could be minimized as the market for non-QMs collapsed recently.
Redwood MBS could be downgraded due to stop-advance feature; Moody’s assesses Finance of America Mortgage; non-QM lender PCMA signs lease for new headquarters.
Velocity Financial was increasing originations and income, then the coronavirus hit, halting issuance of a planned MBS and prompting the need for additional capital.
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