The ratings business was down in both non-agency MBS and ABS last year, and firms scrambled to maintain share in declining markets. (Includes two data charts.)
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Many lenders were under the impression the new restrictions on Fannie’s and Freddie’s acquisition of mortgages for second homes and investment properties would go into effect next year. Apparently not.
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Prepayments helped pay down senior bonds, making the remaining subordinated tranches the larger share of an expanded-credit deal’s balance. Result: A larger cushion against potential losses, DBRS said.
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Under the new proposal, agency MBS received through reverse purchase agreements would not be considered high-quality liquid assets, a departure from coverage ratio standards used by bank regulators.
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The Ginnie Mae early buyout game is catching on fast, with new players entering the fray. loanDepot recently increased a repo line, bolstering its ammunition.
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Prime non-agency MBS with newly originated mortgages continue to hit the market while expanded-credit issuers are struggling to source loans.
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The proposed rule would require the GSEs to write living wills that include no government support. However, their PSPA with Treasury includes letters of credit with an outstanding balance of $254 billion.
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