TD Bank and Charles Schwab, the two biggest bank investors in ABS, both pulled back from the market in the second quarter, but industry-wide holdings rose slightly. (Includes two data charts.)
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The controversial refi-related LLPA from Fannie Mae and Freddie Mac has been delayed until later in the year. Might it be killed outright? (Lenders can only hope.)
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Losses on non-agency MBS, a rarity for deals issued since 2010, look likely as forbearance plans for distressed borrowers end. Investors in the senior tranches appear to be safe for now.
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The fall in prepayment speeds follows four successive months of steady increases. This may have something to do with how the rate is calculated.
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Issuance of expanded-credit MBS was expected to remain suppressed after volatility in March halted activity. After a strong second quarter, industry analysts revised their projections.
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Hoping to buy non-QMs on the cheap for an upcoming securitization? Forget it. The bargains are all gone. The good news: New lending is increasing from severely muted levels.
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