The Federal Reserve lost its top ranking among residential MBS investors during the fourth quarter of 2018, giving way to the commercial banking sector, according to a new In-side MBS & ABS analysis. [Includes three data charts.]
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To date, the revival in the new “subprime” mortgage market has been driven exclusively by nonbank originators and aggregators, but now there’s a depository in the pond: Reliant Ban-corp, Brentwood, TN.
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In a class action lawsuit filed last month in the U.S. District Court for the Southern District of New York, a group of institutional investors allege that several Fannie Mae- and Freddie Mac-approved dealers colluded in a systematic scheme to manipulate prices in the secondary market for agency debt.
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In a first, Connecticut Green Bank will issue an ABS backed by solar renewable energy credits. The $38.6 million deal from the nation’s first green bank could provide proof of concept for future issuance.
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A panel of the 8th Circuit Court of Appeals, in a ruling earlier this month, said a reseller of mortgages can demand that an originator repurchase defective loans, even though the contract between the two companies did not specify a timeframe within which the originator had to cure any defects. The decision reversed a lower court’s ruling.
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LendingClub, which operates an online marketplace, recently issued its first consumer loan-backed ABS of the year. The loans were originated under a model that has been successfully challenged in certain courts, raising concerns from rating agencies.
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The Community Home Lenders Association this week asked Congress to increase the pay for Ginnie Mae staffers, arguing that a professional, well-trained workforce would ensure the agency “does not have any unintended incentives to reduce the number of issuers it regulates, merely because it might lack the capacity or expertise.”
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Any administrative overhaul of the government-sponsored enterprises could provide enough incentive for Congress to pass housing-finance reform legislation, according to industry participants.
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