Deliveries of rate-term refinance loans to the agency MBS market rose sharply in July as a growing share of the market has coupons over 6%. Purchase-loan volume was up 8% at Ginnie, while the GSEs saw a 3% decline. (Includes two data tables.)
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The Mortgage Bankers Association and the National Reverse Mortgage Lenders Association suggested changes for Ginnie’s planned HMBS 2.0 program.
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The IRS approved a request from an asset manager to allow commercial PACE assessments as qualifying assets for REMICs. And Fitch has new commercial MBS criteria to assess commercial PACE loans.
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Researchers show that an increase in uncertainty about the Fed’s balance sheet policy boosts the yield on long-term Treasuries and increases the duration of non-agency MBS.
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Ascent Funding has an offering backed by loans tied to coding classes. Morningstar has warned that ABS investors aren’t protected in the event of a bankruptcy by the borrower.
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NewtekOne is boosting originations of small business loans outside of the SBA 7(a) program. The firm recently issued its second ABS of the loans, offering strong yields for issuers and investors.
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The government-sponsored enterprise received approval from the Federal Housing Finance Agency in June 2024 to acquire second liens.
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