Freddie recorded the biggest decline in the agency market, while Ginnie dodged the worst of the downturn. Agency multifamily MBS issuance was up, however, as was non-mortgage ABS production. (Includes three data charts.)
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Two prominent lenders involved in the expanded-credit market shuttered and planned MBS from major issuers are being downsized or pulled altogether.
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It’s not every day that bond-investing giant PIMCO pulls out of a market, but for now the whole-loan buyer is avoiding non-QMs. Also, part of the story: the closures of FGMC, Maverick and Sprout Mortgage.
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Moody’s and other rating services are optimistic about the near future of the CMBS market, with continuing drops in delinquencies expected. Some sectors are performing worse than others.
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Ginnie Mae President Alanna McCargo wants industry participants and governments to find more ways to expand liquidity for small lenders and community development financial institutions.
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