MBS & ABS Performance
Browse articles from all of our Newsletters related to MBS & ABS Performance.
August 29, 2014 - Inside FHA Lending
An estimated $65.5 billion of FHA-insured mortgages, excluding reverse and modified loans, were included in Ginnie Mae mortgage-backed securities issued during the first six months of 2014, according to an Inside FHA Lending analysis of agency securitization data. Ginnie Mae FHA MBS issued during the first half of the year nearly matches the total number of new FHA loans originated over the same period (see related chart, p. 4-5). FHA purchase home mortgages served as collateral on 76.3 percent of Ginnie Mae MBS issued over the six-month period, while loans to first-time homebuyers accounted for 63.0 percent of Ginnie MBS issued during the period. The FHA loans in Ginnie pools over the last two quarters showed an average FICO score of 681, a loan-to-value ratio of 92.5 percent and an average loan amount of $169,093. Except for fifth-ranked Freedom Mortgage, the rest of the top five ... [1 chart]
August 29, 2014 - Inside FHA Lending
Roughly $1 billion in damages will flow through to the FHA and Ginnie Mae from Bank of Americas record $16.65 billion global mortgage-backed securities settlement with the Department of Justice. Although most of the DOJs case centered around faulty private-label MBS that BofA and its forbears (namely Countrywide and Merrill Lynch) underwrote during the housing boom, a small piece of the settlement is tied to servicing chores that the bank did for Ginnie Mae. And apparently, BofA didnt do a very good job of servicing the underlying product. The bank took over as the subservicer on roughly $26.2 billion in mortgage servicing rights that once belonged to Taylor, Bean & Whitaker, a large nonbank based in Ocala, FL. When TBW went bust in the second half of 2009, BofA was given the subservicing contract. BofA serviced the loans for us, said Ginnie Mae president Ted Tozer. And they did a ...
August 29, 2014 - Inside Nonconforming Markets
The Securities and Exchange Commission this week approved a final rule with new requirements for rating services and due diligence providers. The rule was approved on a 3-2 vote, with the SECs two Republican-appointed commissioners chafing at standards required by the Dodd-Frank Act. Among other provisions, the SEC is requiring nationally recognized statistical rating organizations to strengthen their internal controls, establish new procedures designed to protect the integrity of rating methods ...
August 15, 2014 - Inside FHA Lending
Two industry trade groups expressed support for consolidating Ginnie Maes mortgage-backed securities program and creating a new MBS but they are at loggerheads on some of the details. Commenting on the Ginnie Mae proposal, the Securities Industry and Financial Markets Association (SIFMA) and the Mortgage Bankers Association (MBA) said the disagreements are mostly on how to resolve issues related to winding down the Ginnie Mae I MBS program and providing a conversion option for existing securities. It is clear that further discussion is warranted, and direct engagement with key stakeholders should be beneficial, the trade groups suggested. Ginnie Mae has received considerable support from a variety of industry players for its straw man proposal to shift to a single MBS program based on the existing Ginnie II. The program now accounts for more than 90 percent of all ...
August 15, 2014 - Inside Nonconforming Markets
Moodys Investors Service this week announced a proposed update to its rating criteria for jumbo mortgage-backed securities. Under the proposed criteria, collateral modeling will be based on a new version of Moodys Individual Loan Analysis tool as opposed to the portfolio analysis tool Moodys has used since 2008. Navneet Agarwal, a managing director at Moodys, said the proposed changes set a new standard for transparency ... [Includes six briefs]
August 15, 2014 - Inside MBS & ABS
Investor demand for re-performing loans has been so strong in recent months that some firms are sitting on the sidelines as yields have become unattractive. Re-performing loans are being sold both as whole loans and in non-agency MBS, largely without ratings. William Gorin, director and CEO of MFA Financial, said the real estate investment trust has been investing in unrated non-agency MBS backed by re-performing loans that were originated between 2005 and 2007. The average credit support is...
August 1, 2014 - Inside MBS & ABS
Standard & Poors said it is working with the Securities and Exchange Commission to address issues raised by the enforcement staff in connection with botched ratings of several commercial MBS transactions in 2011. A spokesperson for S&P said the rating agency and its parent company, McGraw Hill Financial Inc., are cooperating with the SEC after receipt of a Wells Notice last week indicating both companies may soon be the target of a regulatory enforcement action. The SEC notice is...
July 31, 2014 - Inside Mortgage Finance
Smaller and mid-size mortgage lenders were more likely than larger lenders to say their credit standards tightened over the past three months and will tighten more in the next quarter, while larger lenders were more likely to say their credit standards eased in the prior quarter and will continue in the next, according to results of a new lender survey announced by Fannie Mae. The divergent view of credit standards between larger lenders and others is among the key findings of the government-sponsored enterprises new Mortgage Lender Sentiment Survey. The quarterly survey focuses on the supply side of the mortgage business and dovetails with Fannies monthly national survey of consumers, which provides current information on the demand side of housing. Lender survey results collected during the first two quarters of 2014 showed...
July 18, 2014 - Inside FHA Lending
Ginnie Mae would play a greater role in a private-market partnership model envisioned in proposed housing finance reform legislation introduced recently by House Democrats. However, many in the industry doubt whether a Democrat-sponsored reform bill will pass in this Congress. Sponsored by Reps. John Delaney (MD), John Carney (DE) and Jim Himes (CT), the Partnership to Strengthen Homeownership Act would put Ginnie Mae in charge of all single- and multifamily mortgage-backed securities with government backing. Among other things, H.R. 5055 would create a new Ginnie Mae MBS for conventional mortgages backed by the full faith and credit of the federal government with minimum support from the private sector. Under the proposed model, private entities would assume up to 5 percent of the first-loss capital on the MBS. The remaining 95 percent would be shared between ...
- GSE Private Mortgage Insurance Profile 2Q14
- GSE Seller Profile: 2Q14
- Mortgage Profitability Report: 1Q14
- Top Mortgage Players: 1Q14
- Agency Condo Market: 2013
- GSE Repurchase Activity Full Year 2013
- Servicing Strategies and MSRs
- Non-Qualified Mortgages
- CFPB Exam and Enforcement
- Mortgage Buybacks Guide 2014
- Mortgage Originations Channels
- CFPB Mortgage Disclosure Requirements
- Qualified Residential Mortgages and Risk Retention
- CFPB's LO Comp Rule
- Ability-to-Repay Rule and Qualified Mortgages
- Fair Lending Compliance
- CFPB Regulation of Mortgage Servicing
Home-equity lending is beginning to show new life. My company (pick one):
- Plans to enter this market over the next 12 months.
- Is already making home equity loans and hopes to increase the offerings.
- Is in the market but dont expect much growth.
- Is not making second liens and has no plans to do so.
Most Popular Stories
- Colorado Lender Sees Mortgage Volume Devastated When All of Its Loan Officers Quit
- Fannie Mae Will Sell Headquarters in Washington. But Whats The Land Worth?
- SEC Revamps Requirements for Rating Services, Due Diligence Firms
- New HMDA Disclosures Will be a Fair Lending Game Changer for Originators
- Fannie Mae and Freddie Mac Continue to Lose MBS Market Share