The Federal Reserve reduced its holdings of agency MBS by $47 billion during the first quarter, but several other investor groups picked up the slack. Total MBS outstanding grew 0.4% during the first three months of the year.
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Agency MBS trading hit a yearly low in May. What lies ahead will be determined by the Federal Reserve. Will the central bank ease credit? And if so, what will happen to MBS prepayments?
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The subprime crisis of 2008 may be over but court cases tied to MBS underwriting misdeeds continue to linger. The latest action pits the FHFA against Wells Fargo for one of its acquisitions: Wachovia.
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U.S. Bank has sued Bank of America for breach of contract related to a nearly $2 billion pre-crisis residential MBS trust. Separately, HSBC has been given another shot at its lawsuit against Deutsche Bank.
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In the MBS Grapevine this week: The lowest rates ever (maybe) and concerns about future GSE earnings from regulator Mark Calabria. Also, Ginnie Mae seeks committed capital.
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