A modest October rebound in deliveries of refinance loans into agency MBS wasn't strong enough to offset a drop in purchase-mortgage business at Fannie Mae, Freddie Mac and Ginnie Mae. (Includes two data charts.)
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Fannie and Freddie pared back their portfolio holdings designated to support future business in the third quarter. Earnings were down from an eight-year high reached in the second quarter. (Includes data chart.)
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No one’s shouting “fire” in a crowded non-QM movie house yet, but there are scattered concerns whole-loan pricing may have gotten ahead of itself. Something to keep an eye on?
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Even with the clarification, some suggest VA lenders need more details to understand when they may refinance a loan included in a Ginnie-guaranteed MBS pool.
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Overall, delinquency rates for commercial MBS have improved each month since a peak in June 2020. However, loans tied to office and hotels with an emphasis on corporate travel are slower to recover.
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Congress is getting closer to passing legislation that would help legacy MBS and ABS transition away from LIBOR; there’s a securitization angle in Zillow’s move to discontinue its fix-and-flip business.
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