Falling market values for Fannie/Freddie pass-throughs played a big part in the decline in bank investment in residential MBS during the second quarter. Holdings of Ginnie MBS and non-agency securities were up. (Includes two data charts.)
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The federal entities appear to have accommodated many of the concerns of small and mid-sized seller/servicers, reducing some requirements and eliminating others.
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Despite a tepid improvement in whole-loan prices being paid for non-QM mortgages, yet another non-QM operator has closed its doors: Cypress Mortgage. It was barely four months old.
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Angel Oak Capital Advisors and a portfolio manager with the company settled with the SEC, which alleged improper reporting of delinquencies on a fix-and-flip securitization issued by Angel Oak in 2018.
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Ginnie Mae said it supports HUD’s efforts seeking legislation that would provide a permanent source of capital for housing finance agencies fostering affordable multifamily housing.
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Performance of student loan ABS declined in the second quarter. And a moratorium on payments for federally backed student loans is set to expire at the end of August.
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An appeals court overturned a ruling that ordered UBS to pay more than $2.5 million to a former commercial MBS research analyst. The verdict conflicts with other circuit court decisions and could end up at the Supreme Court.
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