Prime MBS issuance was up 15% from the third to the fourth quarter, while ECM production faded 15%. The sole growth market in 2023 was home-equity loan securitization. (Includes three data tables.)
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Changes to the Ginnie Mae program were included among 35 priority recommendations for fiscal 2024 from the Department of Housing and Urban Development’s Office of Inspector General.
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Hybrid work environments are expected to put pressure on CMBS loans for office properties over the next two years and lead to a growing number of properties failing to refinance.
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The repo market continues to be a source of liquidity for nonbanks with large mortgage servicing portfolios. One recent transaction involves a $500 million credit granted to loanDepot by Goldman Sachs and others.
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A new IRS private letter ruling outlined a case where exchange bond certificates from a REMIC or grantor trust would be considered a stripped bond under tax policy.
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Ginnie Mae continues efforts to provide smaller financial institutions greater access to its securitization platform, Principal Executive Vice President Sam Valverde said last month.
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Morningstar places 77 commercial MBS on review for potential downgrades; Coinstar ABS face potential downgrades; Fitch sees neutral impact for airline ABS amid troubles with Boeing planes; Verizon to issue mobile device financing ABS.
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