New issuance of non-agency CMBS has been stalled for a month and prospects are dim for much of a comeback until the market gets a clearer view of the impact of the coronavirus.
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Ginnie Mae came to the rescue of a handful of MBS issuers with its PTAP program. Meanwhile, Fannie/Freddie issuers needing cash because of the pandemic have some new options, but will they be used?
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Some credit-risk transfer deals explicitly exempt forbearance losses due to natural disasters. Freddie Mac clarified that it considers the coronavirus a natural disaster. Fannie Mae has yet to provide guidance.
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The bulk of non-agency MBS currently being issued is backed by seasoned mortgages. Rating services are also adjusting criteria to account for the coronavirus.
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The Division of FHLBank Regulation’s decision to accept PPP loans as collateral is based on the Small Business Administration’s 100% guarantee of the unpaid principal balance.
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Thanks to economic damage caused by the coronavirus, the non-QM market is in tatters. Yet, opportunity abounds in the junk heap. Will Citadel become a specialty/subservicer?
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