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Volume 2014 - Number 3

January 24, 2014

Downloads Available: MBS Characteristics: 2013

Downloads Available: Non-Agency MBS Issuers and Underwriters - 4Q13

Downloads Available: Non-Agency MBS Issued - 4Q13

Jumbo Flop in Second Half of 2013 Throttled Budding Recovery, Redwood Pioneered and Dominated Market

Non-agency MBS issuance declined by 30.6 percent from the third to the fourth quarter of 2013 as the plucky jumbo securitization sector ran out of gas. The market produced $4.94 billion of new non-agency MBS during the fourth quarter, according to a new Inside MBS & ABS analysis and ranking, the weakest output of the year. Although there were some gains in the scratch-and-dent and re-securitization sector – markets that are almost all private placements – production of jumbo MBS fell by 71.4 percent. Even with the late fizzle, 2013 produced...[Includes three data charts]

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



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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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