Ginnie Mae continued to lead the growth in agency single-family MBS outstanding during the first quarter of 2018, according to a new Inside MBS & ABS analysis. [Includes three data charts.]
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The Federal Housing Finance Agency this week unveiled a proposed rule on capital standards for Fannie Mae and Freddie Mac, acknowledging that the rule would not be imposed on the two government-sponsored enterprises as long as they’re in conservatorship.
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With loan production of non-qualified mortgages continuing to gather a head of steam, Wall Street financiers, conduits and warehouse lenders increasingly are taking a keen interest in the sector.
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The average daily trading volume in agency MBS climbed to $226.1 billion in May, the second consecutive monthly increase, according to figures compiled by the Securities Industry and Financial Markets Association.
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Credit-risk transfer activity at the government-sponsored enterprises is expected to shift from debt note issuance that has dominated the program to more front-end deals with private mortgage insurers and mortgage lenders, the Urban Institute said.
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ABS issuers are boosting the quality of marketplace loans in new deals due to rising delinquency rates, but not enough to convince Fitch Ratings that such issuance deserves AAA ratings.
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The share of interest-only loans in commercial MBS conduits has risen to near-peak levels last seen in 2007 as underwriting deteriorates, according to major credit rating agencies.
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