Redwood has suggested a number of changes that could boost issuance of non-agency MBS. The REIT wants reforms regarding risk retention and disclosures for non-agency MBS.
A class-action lawsuit against the issuer of a credit card ABS has the potential to eliminate the preemption banks rely on when contributing assets to MBS and ABS.
Noting strong demand for non-agency MBS, issuers are getting creative with the types of loans they package into deals. JPMorgan, Credit Suisse, Angelo Gordon and Goldman Sachs are all entering new sectors.
The regulator has overturned disciplinary sanctions levied by the Public Com-pany Accounting Oversight Board against an auditor of Thornburg Mortgage, now defunct.
To date, the revival in the new “subprime” mortgage market has been driven exclusively by nonbank originators and aggregators, but now there’s a depository in the pond: Reliant Ban-corp, Brentwood, TN.