Non-agency CMBS issuance doubled from the second to the third quarter, but production remained well below 2019 levels. Agency multifamily MBS set a record. (Includes data chart.)
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With a relatively high share of borrowers missing mortgage payments, investors in non-agency MBS are seeing reduced cash flows and, in some cases, losses. Though mortgage performance is improving, the outlook for investors remains uncertain.
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Fannie and Freddie reported strong gains in net income during the third quarter, and the ongoing mortgage-market boom pumped up their retained mortgage holdings. (Includes data chart.)
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The nation’s two largest MBS-investing REITs reported higher-than-expected earnings per share for the third quarter. Annaly even declared a quarterly common dividend of $0.22 per unit.
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The majority of Freddie Mae’s forborne multifamily loans were in small-balance loan pools. Just 251 of them loans were in the company’s signature K-deals.
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