Freddie Mac saw a much bigger decline in monthly volume than Fannie Mae and Ginnie Mae. February issuance suggests a tapering in refinance demand. (Includes two data charts.)
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If the non-agency MBS market wants to avoid harsh regulations, it should seriously consider self-governance as an option, the Structured Finance Association believes.
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Rates have fallen to historic lows, with MBS values rising. However, as the weekend approached uncertainty prevailed. The wild card: prepayment speeds.
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Issuance of VA cash-out refis with high loan-to-value ratios could drop 50% this year due to pooling restrictions imposed by Ginnie in November. VA’s lower-LTV cash-out tiers are expected to pick up the slack.
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The SEC’s Office of Credit Ratings is exploring how it can address conflicts of interest in ratings of MBS and ABS. An increase in performance-related disclosures and boosting unsolicited ratings are being considered.
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The New York Fed performed two separate repo market maneuvers on Tuesday: a $100 billion overnight operation and a $20 billion 14-day assignment. Both were oversubscribed.
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