Despite the dampening effect of the coronavirus early in the second quarter, total MBS and ABS issuance soared to a record $790 billion. Agency single-family MBS accounted for 94% of total issuance. (Includes four data charts.)
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The company believes delivering loans to agency MBS helps it be a “high velocity, capital light and cash generating” operation. This year, the firm has held mortgages on its balance sheet for as few as eight days.
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There’s nothing wrong with buying delinquent mortgages out of Ginnie pools, but some issuers may have been getting too greedy during the pandemic.
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Federal regulators have delayed their review of risk-retention requirements until next year. Also, most regulatory actions planned for MBS and ABS fall into the “long-term” category.
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The CRT market is showing signs of post-pandemic recovery. But Freddie Mac’s former CEO believes the re-proposed capital rule for the GSEs could make the whole CRT program pointless.
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Economists at the Federal Reserve Bank of New York found that having both to-be-announced and specified pools markets increase yields for MBS in both places.
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