Pacific Western Bank started acquiring residential mortgages in March 2021. PacWest is now done acquiring loans and looking to share credit risk on a pool with an unpaid principal balance of $2.68 billion.
Fannie and Freddie issued a combined $17.57 billion in CAS and STACR certificates in the first half of 2022, more than in any full year since CRT was invented. (Includes data chart.)
Much like in other parts of the MBS and ABS markets, spreads are widening on CRT issuance from the GSEs, prompting some changes in activity at Fannie Mae and Freddie Mac.
The REIT has built up strong residential and MSR businesses to diversify risk and support its agency prowess. And while it’s held back on increasing leverage, once volatility declines, all that may change.
Volume increased in the risk-transfer deals issued by Freddie and Fannie. However, unpaid principal balance on the covered pools declined. (Includes data chart.)
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