The Fed could end its stimulus-related purchases of agency MBS by the middle of 2022; S&P official provides an example of just how conservative rating services can be when assessing non-agency MBS and ABS.
President Biden plans to nominate Alanna McCargo to be the next president of Ginnie Mae; Credit Suisse’s warehouse lending securitization involving non-QMs upsized.
For investors willing to shift from the agency MBS market into non-agency deals, the flow of GSE-eligible mortgages in non-agency MBS looks like a good proposition. Lenders, meanwhile, are taking a hit on pricing.
Chase issued another prime non-agency MBS with a balance topping $1.0 billion. The firm also issued an investment-property deal while Lone Star offered an expanded-credit MBS.
MISMO and SFA are separately working to update the ASF dataset for non-agency MBS; BNY Mellon is offering new agency MBS service; a relatively rare downgrade for commercial MBS.
A new expanded-credit MBS from Angelo Gordon includes loans that won’t be subject to third-party reviews until after closing. Due diligence firms are swamped due to a boom in non-agency MBS issuance.
The lender curtailed its jumbo lending in the early days of the pandemic. Now, jumbos account for a growing share of United Wholesale’s production and the firm is issuing non-agency MBS.
In the past two weeks, $2.74 billion of non-agency MBS were gobbled up by investors. GSE-eligible mortgages for non-owner-occupied properties accounted for half of the dollar volume in the deals.