Browse articles from all of our Newsletters related to REITs.

January 20, 2017 - Inside MBS & ABS

Investor Cuts Stake in the Nation’s Largest Mortgage REIT Annaly as Rising Rates Cause Nervousness

International Value Advisors recently cut its stake in Annaly Capital Management – the nation’s 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. Annaly’s 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

Blackstone Files IPO Documents on Invitation Homes, a Pioneer in SFR Securitizations; But IH Is Losing Money

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 5, 2017 - Inside Mortgage Finance

PHH Shareholders May Get a ‘Special Dividend’ As the Nonbank Finishes its ‘Self Liquidation’

A year from now, PHH Mortgage likely won’t be around, at least not as a conventional mortgage-banking franchise that originates residential loans and retains servicing rights. That’s what analysts and investment bankers who follow the stock now believe, especially in light of the company’s recent announcement that it will sell its $72 billion portfolio of Fannie Mae/Freddie Mac mortgage servicing rights to New Residential Investment Corp. for $612 million or 84 basis points. Once completed, the sale – along with a pending disposal of its Ginnie Mae MSR – will leave...

December 16, 2016 - Inside MBS & ABS

As Rates Continue to Rise, mREITs Face Declines In MBS Book Value, But Slower Prepayment Speeds

Real estate investment trusts that invest in agency MBS could be in for some turbulence on their book values in the coming quarters if rates continue to rise – as they have since the November election. As Inside MBS & ABS went to press, most analysts had come to the same conclusion: that publicly traded mortgage REITs have underperformed most financial stocks, including nonbank lender-servicers such as Ocwen Financial, PHH Corp. and Walter Investment Management Corp. Then again, investing in so-called mREITs has never been...

December 15, 2016 - Inside Mortgage Finance

Thanks to a 75 Basis Point Spike in Rates, Outlook for MSR Sales Improves; However, Some Buyers Remain Cautious

Roughly $20 billion in mortgage servicing rights are now available for bulk purchase in the secondary market compared to just a few billion a month ago. The reason: higher interest rates. According to servicing advisers interviewed by Inside Mortgage Finance this week, the 75 basis point jump in rates since the election has suddenly transformed a glum-looking market into one that has great potential. “There’s...


HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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