Several top REITs hunkered down in the choppy agency MBS market during the second quarter, while others continued pushing into MSRs and the non-agency mortgage sector. (Includes data chart.)
Most of the modest gain in bank ABS investment came from a handful of large banks buying deals backed by unsecured consumer loans, a fast-growing market. (Includes two data charts.)
The shift toward purchase-money loans helped third-party originators overall, but correspondent production lost out on the growth of non-agency lending in the second quarter. (Includes six data charts.)
A dozen publicly traded nonbanks saw combined income drop 69% from the first to the second quarter, thanks largely to shrinking production margins and unhedged MSR portfolios. (Includes data chart.)
The key to a modest increase in servicing-for-others in the banking industry was the purchase of a large nonbank by Western Alliance Bank. (Includes data chart.)
Bank investment in agency MBS, especially Fannie/Freddie paper, continued to grow during the second quarter, though not quite as much as the overall market. (Includes two data charts.)
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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