Securitization of non-agency prime and Alt A mortgages ramped up significantly in the first quarter, although subprime MBS issuance dropped to its lowest level since 2017. RPL/NPL transactions remained the biggest component in the non-agency MBS market. (Includes three data charts.)
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Most of the increase in Ginnie loan removals came from borrower payoffs, but servicer buyouts for loss mitigation and foreclosure rose sharply. (Includes data chart.)
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“Issue debt while you can.” That seems to be the mantra of nonbank mortgage lenders and even real estate mortgage investment trusts. The latest sellers: UWM and PennyMac.
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What a difference a year can make. Last spring, the REIT was getting margin-called and selling MBS. Today, it’s buying huge mortgage banking franchises.
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Mass cancellation of student loans could lower maturity risk on ABS backed by Federal Family Education Loan Program loans, according to Fitch Ratings.
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Legislation to impose taxes on mezzanine debt and preferred equity investments, payable by building owners, is still a possibility in New York state. Trouble for the multifamily sector?
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