Ginnie Mae has ranked as the top agency issuer of single-family MBS for three months running, echoing the market of the 1990s. Production levels continued to drop in November, and it’s hard to see when that will change. (Includes two data charts.)
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The Angel Oak REIT has been through the wringer of late, its share price falling to a recent 52-week low. What’s next for the non-QM pioneer? Hard to say.
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The ratings service expects commercial MBS loan delinquencies will reach between 4.0% and 4.5% by year-end 2023. S&P Global Ratings, meanwhile, said CMBS delinquencies crept up 5 bps in November.
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In its report to Congress on the liquidity of the VA home loan program, Ginnie Mae also made recommendations for improving the lending market.
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Distributed Solar Development plans to issue its first securitization, which is backed by commercial and industrial photovoltaic systems and related customer agreements.
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Investors appear increasingly reluctant to sell their credit-risk transfer notes back to the enterprises at the prices Fannie and Freddie are offering.
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Interest rates keep falling but has a trough been reached? And if so, have REITs been bottomfishing in conventional MBS? Also, what’s the outlook for 2023 in terms of capital raises?
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