Despite rising rates and volatility, mortgage REITs reported a small gain in their retained agency MBS holdings. The industry’s aggregate TBA position was lower, as was non-agency MBS investment. (Includes data chart.)
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With rated issuance tumbling sharply in the third quarter, only Fitch managed to boost its ABS business, while DBRS was the only rating service to show a gain in non-agency MBS. (Includes two data charts.)
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A nonbank can only hold underwater non-QMs for so long until a decision needs to be made. In the case of Angel Oak, it decided to sell roughly $350 million of product at a steep discount of 83 cents on the dollar.
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The Securities and Exchange Commission has delayed implementation of a disclosure rule the industry feared would compromise the ability of many issuers to access the 144A market.
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Investors are being quite choosy these days when it comes to debt service coverage loans. But perhaps that's a buying opportunity for those with a strong stomach.
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Despite a rebounding travel economy, some properties are still experiencing lower net cash flow and will likely be pinched by rising rates when it comes time to refinance.
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The Mortgage Industry Standards Maintenance Organization has released a standardized template to facilitate the bidding process for MBS between mortgage originators and dealers for Bids Wanted in Competition.
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