In the end, the Federal Reserve will step in to fund nonbank MBS servicers if push comes to shove. At least, that’s what the mortgage industry is banking on.
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Analysts at Bank of America Securities predict just $3.4 billion of prime jumbo and non-QM MBS will be issued for the rest of 2020. Non-agency MBS issuance came to a near standstill in March. (Includes three data charts.)
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Following pressure from industry participants and lawmakers, the Federal Reserve added legacy commercial MBS and CLOs to the TALF. Industry is hoping that eventually non-QM assets might be covered.
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Velocity Financial raised capital by selling stock after plans to issue MBS were disrupted by volatility from the coronavirus. Several REITs also provided updates on their financials.
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In an effort to add liquidity to the market for servicing advances, Ginnie Mae is permitting a note structure, which allows for the securitization of servicing cash flows through a trust. First user: PennyMac.
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