Most of the drop in bank ABS investment came in consumer-backed deals as Wells Fargo, Charles Schwab, TD Bank and others pared their holdings of these securities. But Schwab and TD both added significantly to their credit card and auto ABS. (Includes two data charts.)
Correspondent originators are better at finding purchase-mortgage business, and that’s why the channel’s market share rose in the second quarter. Brokers saw the biggest decline. (Includes six data charts.)
Falling market values for Fannie/Freddie pass-throughs played a big part in the decline in bank investment in residential MBS during the second quarter. Holdings of Ginnie MBS and non-agency securities were up. (Includes two data charts.)
Purchase-mortgage originations saw a healthy gain in the second quarter, but not enough to offset plunging refinance activity. Production was up in jumbo and ECM lending. (Includes two data charts.)
While key sectors in the non-agency CMBS market faltered in the second quarter, retail and hospitality both saw hefty gains in securitization volume. The GSEs upped their issuance of multifamily MBS, but Ginnie production was down. (Includes two data charts.)
For the first time since 2007, private MIs accounted for over half of new insured mortgage originations thanks to surging purchase-mortgage business in the second quarter. FHA and VA were hit much harder by the nosedive in refinance activity. (Includes three data charts.)