Foreign investors, mutual funds and pension accounts all gave way to the massive $550 billion increase in the Federal Reserve's MBS holdings. But depository institution portfolios managed to keep growing. (Includes three data charts.)
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Demand for non-QM MBS has returned to pre-pandemic levels even though the deals include a significant amount of loans in forbearance and fewer protections for investors.
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But that’s easier said than done. The CMBS structure prohibits borrowers from taking on additional debt and includes a prepayment penalty clause, Federal Reserve Chair Jerome Powell pointed out.
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Much of the criticism from the GOP concerned the re-proposed capital rule for Fannie Mae and Freddie Mac, which will reduce the capital relief the GSEs receive for credit-risk transfers.
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Now may not be the best time to expand in the commercial MBS space, but SitusAMC has bought the assets of Cohen Financial. A contrarian play?
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Another day and another debt offering by a mortgage company. This time around the issuer is PennyMac Financial, a top-ranked Ginnie Mae issuer.
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With revenue lower than expected due to the coronavirus pandemic, California is allowing electric utilities to use securitization to avoid sharp rate increases for customers.
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