A record year in agency multifamily MBS issuance pushed the overall commercial mortgage securitization market to an all-time high in 2017, according to a new analysis by Inside MBS & ABS.
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Losses on non-agency MBS backed by re-performing loans issued in recent years have been minimal, according to DBRS. Performance has been helped by home price appreciation, and the one deal to suffer significant losses was an outlier in terms of the types of loans it included.
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The daily trading volume in agency MBS averaged $209.1 billion in 2017, the best showing in four years, according to the Securities Industry and Financial Markets Association.
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Statistical sampling, which gained widespread acceptance in MBS repurchase cases after the housing crisis, is being rejected in many courts today, legal experts say.
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The year is still young, but two of the largest real estate investment trusts – Annaly Capital Management and New Residential Investment Corp. – have already priced stock deals totaling $852.5 million.
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Ginnie Mae is expanding its guidelines to clarify the amount of risk it considers acceptable for an issuer’s Ginnie mortgage servicing rights portfolio and what could happen if the issuer violates those standards. The move is part of the agency’s continuous monitoring of issuer activity and MSR portfolios to ensure they are not putting issuers, investors or the program at risk.
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Credit card issuers will probably have a good 2018, much like they did last year, but some dark clouds are beginning to appear on the horizon, according to a new report from DBRS.
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