Browse articles from all of our Newsletters related to REITs.
February 10, 2017 - Inside MBS & ABS
The average daily trading volume in agency MBS increased to $229.8 billion during January, the second best reading of the past year, and a sign that liquidity is improving, thanks in part to higher interest rates. According to figures compiled by the Securities Industry and Financial Markets Association, the January reading was better than the daily trading averages posted for the past four years, which ranged from a low of $178.0 billion in 2014 to a high of $222.8 billion in 2013. Agency trading volumes peaked...
February 3, 2017 - Inside MBS & ABS
Fannie Maes recent decision to provide a $1 billion financing commitment to single-family rental operator Invitation Homes has raised a few eyebrows, but for the most part it appears to be a fairly benign transaction that should benefit both parties. The arrangement was sanctioned by the Federal Housing Finance Agency, which views the relationship as just another way for Fannie to finance rental housing. The rental units are 50,000 single-family residences scattered around the country not apartment buildings. Given the growth in the single-family rental market, FHFA considered...
February 2, 2017 - Inside Mortgage Finance
Real estate investment trust New Residential Investment Corp. has been quietly trolling for mortgage servicing assets the past year and snagged a big one this week when it agreed to buy $97 billion in agency rights from Citigroup. Now comes the hard part: incorporating the receivables into an already fast-growing portfolio and convincing regulators at the Federal Housing Finance Agency and Ginnie Mae officials that it has both the management structure and the financial wherewithal to handle so much product. According to a tally from Inside Mortgage Finance, since early December New Residential has acquired...
January 20, 2017 - Inside MBS & ABS
International Value Advisors recently cut its stake in Annaly Capital Management the nations largest mortgage real estate investment trust by roughly half, a development that could be repeated by other investors as rising rates cause new concerns about MBS prices. At year-end, International owned 4.55 percent of Annaly compared to 9.60 percent a year earlier. Annalys largest investment is in agency MBS, of which it owned $73.5 billion at Sept. 30. The publicly traded REIT is...
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...
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