Credit Suisse rejects bids for non-agency MBS servicing handled by SPS; SFA President Kristi Leo to depart; Ginnie sets timelines for transition away from GinnieNET; hotel operator details reasons for ceasing payments on loan in commercial MBS.
The need for Ginnie Mae nonbank issuers to have ongoing access to capital is key to their success, and that informs the agency’s approach to policy and risk management, said Ginnie President Alanna McCargo.
If the federal government doesn’t increase its debt ceiling in the near term, payments to investors in MBS and ABS will largely still continue as usual, according to DBRS. But there are significant risks in terms of borrower performance.
Ginnie Mae is expanding a working partnership with the Federal Home Loan Bank of Chicago to help spread the word about its Mortgage Partnership Finance program.
In a recent trip to Asia, Ginnie officials assured investors that the structure of Ginnie MBS will help to protect them from any potential issues tied to a possible U.S. debt default.
After receiving intense criticism and a warning from the DOJ, S&P revised a proposal for assessing risk-based capital at insurance companies. One of the changes involves MBS and ABS.
The volume of FHA loans securitized into Ginnie mortgage-backed securities grew 20.5% between March and April, to $18.39 billion. VA loan production sent to Ginnie increased at an even higher rate. (Includes two data charts.)
At one point, First Republic Bank was a major contributor to non-agency MBS. In recent years, the bank retained its production, though JPMorgan Chase could move to sell the loans.
What might the thirst be for a roughly $37 billion package of mortgage servicing rights tied to non-agency loans? Deal broker MIAC Analytics is about to find out. A handful of MBS-investing REITs have been identified as possible bidders.