Browse articles from all of our Newsletters related to MBS Characteristics.
January 13, 2017 - Inside MBS & ABS
The Blackstone Group this month filed its long awaited initial public offering document on its Invitation Homes unit, a pioneer in single-family rentals and securitization of these assets. The 1,300 page Form S-11 is chock full of financial details on the real estate investment trust, including the revelation that the company continues to lose money. Through the first nine months of 2016 the latest available data Invitation Homes posted a net loss of $51.6 million compared to a $121.7 million loss in the same period a year earlier. The numbers and commentary in the filing indicate...
January 6, 2017 - Inside FHA/VA Lending
Ginnie Mae guaranteed a total of $507.46 billion of single-family mortgage-backed securities in 2016, its biggest annual volume ever, according to a new analysis and ranking by Inside FHA/VA Lending. That was up 16.4 percent from the agencys previous record of $435.80 billion set in 2015. (Those figures include MBS backed by FHA home-equity conversion mortgages, which are not included in the table below or in the rankings on pages 3-5.) In 2016, Ginnie guaranteed $497.03 billion of MBS backed by traditional forward mortgages, also a record, which was up 16.9 percent from the previous year. The biggest factor in last years record-setting production was the boom in VA lending, particularly VA refinance loans. Issuers securitized a record $203.03 billion of VA loans last year, up 33.0 percent from the 2015 total. Some 54.3 percent of those loans were refinance transactions. Total VA refi loan ... [4 charts]
January 6, 2017 - Inside MBS & ABS
In late December, Freddie Mac issued a $934.27 million security backed by seasoned mortgages. It was the first seasoned credit-risk transfer from the government-sponsored enterprise. While Freddie has issued fully guaranteed securitizations backed by seasoned mortgages, Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2016-1 included tranches without a guarantee from the GSE, similar to a non-agency senior-sub MBS. The transaction included...
January 5, 2017 - Inside Mortgage Finance
Mortgage lenders delivered a hefty $299.25 billion of single-family home loans into the mortgage-backed securities platforms at Fannie Mae and Freddie Mac during the fourth quarter of 2016, according to a new Inside Mortgage Finance analysis and ranking. Production in the final three months of 2016 was up just 5.7 percent from the third quarter at the two government-sponsored enterprises. But it was the biggest output since the second quarter of 2013, when the mortgage market was wrapping up a 12-month binge of activity with $337.74 billion in Fannie/Freddie MBS issuance. The strong finish GSE business was up in each quarter of 2016 put...[Includes three data tables]
December 16, 2016 - Inside MBS & ABS
Fannie Mae and Freddie Mac are expected to launch a study of mortgage servicing in 2017 and research ways to reach underserved borrower groups, but the new scorecard for the government-sponsored enterprises doesnt portend big changes in their credit-risk transfer programs or the emerging common securitization platform. The most significant new initiative in the 2017 scorecard released by the Federal Housing Finance Agency this week is a new project to assess the mortgage servicing business model. The language is somewhat vague and broad-reaching: initiate a multiyear assessment of both the challenges facing the mortgage servicing market and potential solutions for identified issues. The new game plan specifically mentions...
December 9, 2016 - Inside MBS & ABS
New non-agency MBS issued in 2017 will likely include more diversified collateral and feature some structural changes, analysts at Moodys Investors Service said in a new report this week. The rating service projected that non-agency prime jumbo volume will remain steady in 2017, while issuers will continue to explore non-traditional asset types, such as re-performing and non-performing loans, reverse mortgages, non-qualified mortgages and nonprime transactions. Although prime jumbo deals will start to include loans with slightly lower FICOs and higher loan-to-value ratios than those loans included in 2016 transactions, collateral quality will remain...
December 9, 2016 - Inside MBS & ABS
The Structured Finance Industry Group this week put more flesh on the bones of its proposed deal-agent role in future non-agency MBS and introduced a plan for improved communications among MBS investors. The fifth edition of SFIGs RMBS 3.0 Green Paper adds recommendations on data standardization, enforcement mechanisms for breaches of deal terms and materiality standards. The new proposal on bondholder communications was drafted...
- GSE Seller Profile 4Q16
- Top Players 3Q16
- Top 20 Lender Profiles 3Q16
- Mortgage Profitability 3Q16
- GSE Private MI Profile 3Q16
- GSE Repurchase Activity Thru 2Q16
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