The Federal Reserve has been paring its massive agency MBS portfolio, and banks have been on the sideline. Cue a modest rebound in REIT investment in the sector in the first quarter. (Includes data chart.)
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Lower demand and drastically reduced issuance may balance out in the MBS market. Meanwhile, high spreads mean the asset could attract new investors.
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Numerous industry participants support FHFA developing a social bond designation for single-family MBS issuance from the GSEs. There are lingering concerns about the impact on the agency MBS market and borrower privacy.
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The need for Ginnie Mae nonbank issuers to have ongoing access to capital is key to their success, and that informs the agency’s approach to policy and risk management, said Ginnie President Alanna McCargo.
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With mortgage banking profits under pressure these days, sleep is still being lost over what might go wrong in the nonbank sector regarding Ginnie Mae obligations. One idea: a commercial paper backstop.
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Fitch Ratings has released an exposure draft of criteria for rating single-borrower single-family rental securitizations, with key ratings drivers including property valuation analysis and ratings stresses.
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