The agency single-family MBS market stepped into the spring homebuying season with a solid increase in production, though still coming up slightly short of last year’s activity. [Includes two data charts.]
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Competition between Fannie Mae and Freddie Mac on MBS guarantee fees appeared to play a role in Freddie’s surge in market share during the fourth quarter, but the price war seemed to ease up in 2018.
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It appears the mortgage real estate investment trust sector – a somewhat stable universe the past few years – might be ready for a major rollup, courtesy of margin compression and tighter margins.
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Fitch Ratings last week upgraded 18 non-agency MBS backed by seasoned loans. The deals had been issued in recent years and performed better than the rating service expected.
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The Angel Oak Companies has officially entered the small-balance commercial loan market, focusing on credits of $5 million or less for a host of properties, including multifamily, industrial, mixed-use, retail and medical.
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A number of issuers are exploring bringing ABS backed by life-contingent structured settlements, according to DBRS. Interest in the sector increased following a $59.9 million deal DRB Capital issued near the end of 2017 backed by annuities and life-contingent structured settlement receivables.
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Collateral backing prime non-agency MBS issued after the financial crisis has performed well in part because of limited risk layering, though an increase in cash-out refinance loans is a possible source of risk, said Moody’s Investors Service.
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Ginnie Mae has reinstated one of two VA lenders it suspended last month for alleged loan churning practices that triggered rapid prepayments in the agency’s MBS.
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Freddie Mac plans to issue its first credit-risk transfer deal as a trust execution this month in preparation for the new Real Estate Mortgage Investment Conduit structure, according to Michael Reynolds, vice president of credit- risk transfers.
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