Deals backed by seasoned loans still accounted for over half of last year’s non-agency MBS issuance, but securitization of newly originated prime and expanded-credit mortgages more than doubled in 2019.
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Secondary market investors, especially hedge funds and private equity firms, are bidding up the price of non-qualified mortgages. That’s good news for sellers, but can it last?
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Six non-agency MBS backed by newly-originated mortgages have been introduced since the beginning of the year. Issuance is ramping up after a slow December.
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The move gives the regulator more direct control over Common Securitization Solutions, which is responsible for issuing and administering the uniform MBS.
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REITs with non-agency operations look attractive to stock analysts as the Trump administration works to decrease the footprint of the government-sponsored enterprises. REITs cited as “top picks” include Ellington, New Residential and Starwood.
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The percentage of private mortgage insurance sales tied to the GSEs’ low-downpayment programs dropped from 20% in July to 12% in December, with industry players pinning the fall on lower income thresholds.
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The next few years might be even more challenging for mall loans backing commercial MBS, with refinancing seen as difficult and delinquencies ticking up, according to rating agencies.
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