These are trying times in the residential finance market. Mortgage rates are high, bond prices are falling and there’s a concern about a lack of MBS buyers. What to do? Let the Fed know how mad you are.

The Obama-era task force set up to investigate MBS fraud that contributed to the 2008 crisis has finished its job. Its efforts led the DOJ to collect $36 billion in penalties from banks, originators and rating agencies.

The rating service will assess expected payments from private mortgage insurers, with implications for MI-linked note issuance and potentially non-agency MBS with loans that have private MI.

Mortgages in the new non-QM MBS from Change have seasoned for an average of just one month.

United Wholesale Mortgage accounted for a large portion of the prime non-agency MBS issued in the second quarter. Overall, issuance remained subdued. (Includes three data charts.)

The company, however, remained the top servicer for loans in non-agency mortgage-backed securities issued in the second quarter of 2023. (Includes data chart.)

Following a brief pause on acquiring new loans, the REIT affiliated with Angel Oak Companies plans to increase its securitization output.

SPS, inherited by UBS when it purchased Credit Suisse in June, has been placed into a “bad bank,” sources indicate.

If the proposal is implemented, some mortgage originations that have gone into bank portfolios would likely go into MBS instead. The impact on bank investment in MBS and ABS looks to be much more modest.

Adams Outdoor Advertising has issued similar securitizations, most recently in 2021 and 2018.