Fannie Mae adjusted its automated underwriting services last summer to make more loans with higher debt-to-income ratios eligible for approval without lenders needing to provide compensating factors.
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DBRS took over as the top rating service in the non-agency MBS market last year, as more deals carried multiple ratings in 2017, according to a new Inside MBS & ABS ranking.
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Angel Oak Capital Advisors recently issued its first MBS backed by fix-and-flip loans. The firm plans regular issuance of such deals, which could receive credit ratings once the rating services develop criteria for them.
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Fitch Ratings recently proposed changes to its loss model criteria for non-agency MBS involving servicer quality and the performance of re-performing loans.
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The regulatory relief bill recently passed by the Senate would reduce uncertainty for future ABS tied to Property Assessed Clean Energy financing programs, rating services said.
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Housing-finance reform appears to be in the process of a slow death for 2018 partly because of the pending departure of key players, according to Bank of America Merrill Lynch analysts.
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More Fannie Mae and Freddie Mac shareholders have initiated lawsuits against the government for the Treasury sweep of the mortgage giants’ profits.
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A slightly higher share of new single-family mortgages found their way into MBS pools last year, according to a new Inside MBS & ABS analysis.
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