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Volume 2012 - Number 55

February 15, 2013

JPMorgan Working on Private-Placement Jumbo MBS, Cole Taylor May Sell Whole Loans to Credit Suisse

JPMorgan Chase is working on what’s been described by some market participants as a “test” jumbo MBS deal, but isn’t quite ready to bring the bond to auction. According to traders and jumbo executives who are familiar with JPM’s activities, the security was set to come out earlier this week, but has been delayed. The bank, on the other hand, isn’t giving much guidance on the situation. It’s also possible that JPM might keep...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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Poll

What is it going to take to convince lenders to loosen the credit box (i.e., remove underwriting overlays)?

The recent rep and warranty changes announced by the Federal Housing Finance Agency should go a long way in protecting lenders from future buybacks and help expand mortgage credit.
There won’t be any significant elimination of underwriting overlays until the government stops seeking huge mortgage-related penalties and settlements from lenders.
There shouldn’t be any expansion of the mortgage credit box since looser underwriting is what caused the recent mortgage crisis.

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