Ginnie Mae saw a huge increase in rate-term refinance business, but the cash-out market also gained ground. Freddie led its rivals in attracting more first-time buyer business.
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Issuance of whole-business ABS is on track to break a record this year, with $4.6 billion in volume at halfway mark. Issuers include fast food companies, aftermarket car services and spa services.
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Declining interest rates helped fuel a securitization boom at Fannie and Freddie in the second quarter. However, falling rates will force writedowns tied to derivatives.
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A new private activity bond will fund construction of tolled express lanes near Washington, DC. Toll revenues on similar bonds have been strong and rating services affirmed BBB ratings on outstanding issuance.
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Scores of Fannie and Freddie securities are backed by loans alleged to have been fraudulently obtained by one of the nation’s largest multifamily investors.
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U.S. Bank sues Bank of America over defective loans originated by First Franklin and sold into a securitization pool by several Merrill Lynch subsidiaries.
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