MBS Investor MetLife Wants Collateral Manager Before it Will Get Into the Non-Agency Market
November 22, 2013
Nancy Handal, managing director of insurance conglomerate MetLife, oversees a $70 billion fixed-income portfolio and a $6 billion high-yield residential MBS opportunity fund but has bought into just one jumbo MBS deal over the past few years. And shes not shy about the reasons why: its all about disclosures. Handal is not happy about what non-agency issuers disclose and in particular shes dismayed that MBS investors are essentially frozen out of the due-diligence process. Speaking at a housing forum sponsored by the Urban Institute and CoreLogic this week, the MetLife executive expressed...