Issuance of expanded-credit MBS slowed somewhat in the second quarter but volume through the first half of the year more than doubled that seen in the first half of 2018. The sector remains hotter than the prime non-agency MBS market.
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Issuance of prime non-agency MBS declined in the second quarter on a sequential basis, led by a drop in the volume of GSE-eligible loans going into the non-agency market. Only a handful of issuers were active in the second quarter.
Federal regulators should provide incentives for non-agency MBS issuers to standardize deal features, according to Annaly and Barclays. The firms detailed various changes that could help increase issuance.
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The rating service will continue to take a relatively harsh view of mortgages underwritten with alternative documentation even though they have per-formed better than expected.
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Blackstone it set to issue its first non-agency MBS backed by investment-property mortgages. Most of the loans in the deal were originated by lenders affiliated with Blackstone.
The firm is set to issue another non-agency MBS with proprietary reverse mortgages. In a change from its previous deal, some of the loans are “inactive.”
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