SOFR-linked debt is vulnerable to much higher rate volatility than those referencing LIBOR. This risk was highlighted last month when surging repo rates sent SOFR briefly to a record 5.25%.
REITs have long sought access to the FHLB system — particularly to the low rates at the advance window. The recent Treasury recommendation may finally give those aspirations new hope.
Even though the Fifth Circuit Court of Appeals agreed that the structure of the FHFA is unconstitutional, GSE shareholders have petitioned for a Supreme Court review of their case.
In their petition for a writ of certiorari, the shareholders said the Fifth Circuit afforded them no relief from their injuries and the “petitioners are thus not ‘prevailing parties’ in any meaningful sense.”
The top three originators of mortgages backing expanded-credit MBS are Acra Lending, Angel Oak and A&D Mortgage.
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