Nonbanks have dominated the Ginnie Mae MBS issuer ranks for several years, and they are gradually claiming a bigger share of the government-sponsored enterprise market, according to a new analysis by Inside MBS & ABS. [Includes one data chart.]
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Close to $500 million worth of VA Interest Rate Reduction Refinance Loans that do not meet new seasoning requirements ushered in under the recently approved Dodd-Frank reform act are in “orphan status,” causing financial headaches for the lenders that originated them.
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The influx of mortgages eligible for sale to the government-sponsored enterprises being delivered to non-agency MBS is largely credit-neutral for MBS investors, according to rating services.
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A decade after the nation’s subprime mortgage market came to a crashing halt, traditional Wall Street firms are now back in the game, offering repo lines and other forms of financing to a new breed of non-agency lender that plies its trade in the “expanded credit” mortgage sector.
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After a couple of years away from ABS issuance, loanDepot and Volkswagen are providing collateral for new deals. Meanwhile, Freedom Financial Network is a first-time issuer. All are getting positive reaction from investors.
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DBRS maintained its lead position as the top rating service in the non-agency MBS market during the first quarter of 2018, according to a new Inside MBS & ABS ranking. [Includes two data charts.]
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Efforts to adopt certain consumer protections at both the state and federal levels will increase credit strength for ABS backed by Property Assessed Clean Energy programs, rating services said.
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The U.S. Supreme Court decided this week that it’s not going to hear an appeal from Royal Bank of Scotland and Nomura Holdings, which were hoping to overturn an $839 million award ruling on an old MBS suit. This puts an end to a drawn out seven-year battle between the government and the two banks.
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