Since 2008, big banks have largely held their non-agency jumbo originations in portfolio, seeing better execution than non-agency MBS issuance, but all that could be changing.
Through the first quarter of 2013, 1.1 million borrowers have received permanent HAMP modifications, well below the 3 million to 4 million the Obama administration projected when launching the program in 2009.
Non-agency MBS execution is competitive with agency MBS execution for purchase mortgages with loan-to-value ratios below 70 percent and credit scores above 740.
The $443 million non-agency MBS, Chase’s second of the year, is set to receive AAA ratings with credit enhancement ranging from 6.90 percent to 10 percent for the top tranches.
Reps. Shelley Moore Capito, R-WV and Sean Duffy, R-WI, respectively chairman and vice chairman of the subcommittee, had not viewed the CFPB’s analysis on QM.
Moves by the Trump administration are disrupting the economy and the federal agencies that deal with the housing market. Bob Broeksmit, president and CEO of the MBA, isn’t sure how it’s all going to play out.
The 10-year Treasury rate is declining and the possibility of a recession is growing.
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