Ginnie Mae regained some share in the agency MBS market in August, as did purchase mortgages. The top 100 sellers saw a small increase in their share of new issuance, but the market remained fragmented. (Includes two data charts.)
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Some industry groups are concerned that the CFPB’s proposal to revise general QM standards contains unclear underwriting standards and legal uncertainties. They support the development of self-governance standards for the non-agency market.
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Industry feedback on the re-proposed GSE capital rule underscores the need for an explicit and permanent government guarantee on Fannie’s and Freddie’s existing and future MBS.
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The number of loans in the most severe stages of delinquency continued to climb in August, but overall default rates and forbearance counts were down.
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The share of office properties in new commercial MBS is increasing and the use of upfront debt service reserves is fluctuating as issuers address the poor performance of outstanding deals.
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At least some of the advantage enjoyed by the Treasury market over agency MBS can be attributed to structural differences in the two markets and how they evolved, according to Federal Reserve economists.
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