MBS Investors

Browse articles from all of our Newsletters related to MBS Investors.

January 18, 2019 - Inside FHA/VA Lending

Bright’s Hasty Exit Leaves a Vacuum at Ginnie Mae

Ginnie Mae has reached the halfway mark of President Trump’s first term without a permanent leader and appears likely to remain so until after the 2020 presidential election. Last week, Michael Bright, President Trump’s nominee to head Ginnie Mae, abruptly announced his resignation after waiting for months to be confirmed. Bright, who was executive vice president and chief operating officer, served as acting president of the agency after former President Ted Tozer resigned at the end of the Obama administration. Senate rules require resubmission if a nominee is not confirmed within the year he or she was nominated. This means going through the Senate vetting and confirmation processes all over again. It appears Bright no longer wanted to do that, opting instead to join the Structured Finance Industry Group, which represents all segments of the securitization industry, as president. In a Jan. 9 resignation letter to ...


January 18, 2019 - Inside Nonconforming Markets

NewRez MBS Flush with Loans to Self-Employed

The expansion-minded New Residential In-vestment Corp., New York, seems to have a thing for self-employed borrowers: Most of its recent non-agency MBS deals are stuffed with the product. Mortgages to self-employed borrowers will account for 75.9 percent of the pending $294.49 million MBS from New Residential. This is the company’s second MBS backed by non-qualified mortgages, following a $310.74 million issuance in October where the self-employed share was ...


January 18, 2019 - Inside MBS & ABS

Fed to Cut Agency MBS — What it Means for Market

The Federal Reserve will continue to unwind its massive $4 trillion portfolio — $2.2 trillion in Treasuries, $1.64 trillion in agency MBS, and agency debt. This, Federal Reserve Chair Jerome Powell told financier David Rubenstein in a public forum at the Economics Club of Washington last week. Left unsaid is what this will mean for the agency MBS market.


January 11, 2019 - Inside The GSEs

Freddie Unveils New Vehicle for Credit Risk Transfer

Freddie Mac last week announced the creation of its latest vehicle for credit risk transfer — the Multifamily Credit Insurance Pool.


January 11, 2019 - Inside MBS & ABS

Annaly Taps Equity Market Again, This Time for $731M

Annaly Capital Management, the largest MBS investing real estate investment trust in the country, is off to a fast start in 2019, unveiling yet another offering of common stock — this one valued at $731.0 million.


January 11, 2019 - Inside MBS & ABS

Non-Agency MBS Issuance Faded in Fourth Quarter

Production of new non-agency MBS fell sharply in the fourth quarter, ending a year that still set a post-crisis record for new issuance. [Includes three data charts.]


January 4, 2019 - Inside Nonconforming Markets

Issuance of Non-QM MBS Expected to Rise in 2019

The market for mortgage-backed securities with non-qualified mortgages will continue to grow in 2019, according to industry analysts. However, the annual doubling of volume seen in recent years appears unlikely. Analysts at both Bank of America Merrill Lynch and Wells Fargo Securities project non-QM MBS issuance to increase by about 60 percent in 2019. Some $11.38 billion of expanded-credit MBS, including non-QMs, was issued in 2018, according to Inside Nonconforming ...


January 4, 2019 - Inside Nonconforming Markets

Non-Agency MBS Issuance Nearly Doubles in 2018

The total dollar volume of non-agency mortgage-backed securities backed by new originations nearly doubled in 2018, according to a new ranking and analysis by Inside Nonconforming Markets. Some $29.08 billion of non-agency MBS backed by new loans was issued in 2018, a 94.3 percent increase from 2017. Issuance of both prime non-agency MBS and expanded-credit deals hit post-crisis highs last year. Some $17.69 billion of prime non-agency ... [Includes one data chart]


January 4, 2019 - Inside MBS & ABS

E.U. Rules for MBS Investors Could Impact U.S. Issuers

A new regulation set by the European Union for MBS and ABS issuance took effect at the start of the year. Though the rules don’t directly apply to U.S.-based deals, issuers here might have to comply if they want European investors to buy into their bonds.


December 20, 2018 - Inside MBS & ABS

Securitization Industry Makes Plans to Move Away from LIBOR, Looks to SOFR

Participants in the MBS and ABS market took major steps toward addressing the end of the London Inter-bank Offered Rate. This week, the Structured Finance Industry Group released a draft of best practices for transitioning new issuance away from LIBOR, echoing similar moves by the Al-ternative Reference Rates Committee administered by the Federal Reserve and the New York Fed.


December 14, 2018 - Inside Nonconforming Markets

Outlook for Prime Non-Agency MBS Issuance Closely Connected with GSE Pricing, Tools

Issuance volume and lending practices in the prime non-agency mortgage-backed security market in 2019 will be linked in several ways to the government-sponsored enterprises, according to industry analysts. Volume projections for prime non-agency MBS depend on pricing differences between non-agency execution and delivery of loans to Fannie Mae and Freddie Mac. Non-agency lenders are also expected to increasingly use tools developed by the GSEs. “We expect robust issuance from ...


December 14, 2018 - Inside MBS & ABS

Deutsche Bank, Investors Agree to Settle RMBS Cases in NY and CA; Wells Fargo Settles Dispute with Illinois

Deutsche Bank, asset managers and investors have agreed to settle their long-running dispute over the bank’s alleged failure to fulfill its obligations as trustee to more than 500 trusts backed by legacy residential MBS valued at more than $570 billion.


December 14, 2018 - Inside MBS & ABS

Non-Agency MBS Outstanding Nearing End of 11-Year Tunnel, Agency Market Plods Forward

The supply of single-family non-agency MBS continued to decline in the third quarter of 2018, but the sector may be nearing a turnaround point, according to a new Inside MBS & ABS analysis of outstanding mortgage securities. [Includes two data charts.]


December 7, 2018 - Inside The GSEs

KBW Analysts Expect Surge in REIT Participation in GSE CRT Deals

Real estate investment trusts will increasingly become key investors in the credit-risk transfer market, according to recent analysis by Keefe, Bruyette & Woods.


December 7, 2018 - Inside MBS & ABS

More Lenders Pondering a Move Into Correspondent Purchases, Especially in the Growing Non-QM Sector

As profit margins tighten in a softening origination market, more lenders are pondering a move into correspondent purchases, especially if the company is already table-funding mortgages in the wholesale channel.


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