Volatility stemming from bank failures in March put a damper on non-agency MBS issuance. A jumbo deal was pulled and expanded-credit activity slowed.

FRBNY plans to consolidate SOMA’s agency MBS holdings. However, the dollar value and composition of those holdings will not change.

The supply of Fannie Mae single-family servicing declined by 0.2% in the first quarter.

Secondary market analysts speaking on a dv01 panel said that as unemployment increases, borrowers with lower credit scores will see drops in performance. In auto, inflation has reduced access to credit for lower-income borrowers.

Issuance of Ginnie Mae MBS declined for the eighth straight quarter during the first three months of 2023. The deterioration was relatively uniform between FHA and VA volume. (Includes four data charts.)

Issuance doubled compared with the fourth quarter of 2022. However, issuance slowed considerably in March following the failures of two regional banks. (Includes data chart.)

The SEC’s proposed rule on conflicts of interest in the securitization market is unworkable and unnecessarily broad, according to industry stakeholders.

A large chunk of the loans were funded by Kiavi Funding and Lendmarq...

Three regional banks failed recently due partly to interest-rate risk. To avoid the same fate, mortgage companies of all stripes are being pushed to give up some profits to manage interest-rate risk.

Goldman bought a portfolio of underwater securities from SVB that resulted in a nearly $2 billion loss at the now-failed bank.