The expansion-minded New Residential Investment Corp., New York, seems to have a thing for self-employed borrowers: Most of its recent non-agency MBS deals are stuffed with the product.
Wells Fargo and JPMorgan Chase are set to issue separate prime non-agency mortgage-backed securities that are significantly larger than their previous deals.
Originations of non-agency mortgages have taken a hit since the ability-to-repay rule came into effect, according to an analysis published by the Consumer Financial Protection Bureau last week.
To better compete with banks, several prominent nonbank lenders recently launched new non-agency products, including prime jumbo mortgages and non-qualified mortgages.
The average combined loan-to-value ratio on mortgages in jumbo mortgage-backed securities spiked towards the end of 2018, according to a new analysis by Inside Nonconforming Markets. [Includes two data charts]
The department store industry faced some performance hurdles at the beginning of the year, and its troubles are likely to linger on, impacting the commercial MBS market, analysts said.
The Federal Reserve will continue to unwind its massive $4 trillion portfolio — $2.2 trillion in Treasuries, $1.64 trillion in agency MBS, and agency debt. This, Federal Reserve Chair Jerome Powell told financier David Rubenstein in a public forum at the Economics Club of Washington last week. Left unsaid is what this will mean for the agency MBS market.
Ditech investors that control a large portion of the nonbank’s “Toggle Notes” have agreed not to force the troubled lender/servicer into bankruptcy — at least for now, according to a new 8-K filing with the Securities and Exchange Commission.
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