The Federal Reserve remained the largest single investor in single-family MBS, though its portfolio finally began to decline during the second quarter. Ginnie led the agency market gains, while non-agency posted a fourth straight quarterly gain. (Includes two data charts.)
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According to the Ginnie Mae president, the “majority” of the agency’s is-suers would already be in compliance with the new capital requirements. But at least one of its counterparties is considering exiting the Ginnie program.
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A higher-than-expected inflation reading for August led to volatility in interest rates this week, hurting the value of agency MBS. Still, the CEO of AGNC, a real estate investment trust focused on agency MBS, expects that concerns tied to the Fed will diminish by the end of the year.
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One after another, nonbanks are lining up to reduce the size of their master repurchase deals or cut the credit entirely. Message: The mortgage boom is over.
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The Federal Reserve’s pandemic-driven asset-buying spree altered the composition of assets and liabilities, a change that impacts balance sheet reduction.
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A weak origination market is fueling reduced activity on MBS trades. Still, some view MBS as a safe haven of sorts, especially with the equities market reeling.
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While the Biden administration’s student loan debt forgiveness program doesn’t apply directly to borrowers with private student loans in ABS, prepayments on the loans are expected to increase.
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Office property occupancy still hasn’t recovered from the pandemic, putting downward pressure on valuations and the availability of liquidity for both CMBS and CRE borrowers.
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