A decade after the nation’s subprime mortgage market came to a crashing halt, traditional Wall Street firms are now back in the game, offering repo lines and other forms of financing to a new breed of non-agency lender that plies its trade in the “expanded credit” mortgage sector.
After a couple of years away from ABS issuance, loanDepot and Volkswagen are providing collateral for new deals. Meanwhile, Freedom Financial Network is a first-time issuer. All are getting positive reaction from investors.
DBRS maintained its lead position as the top rating service in the non-agency MBS market during the first quarter of 2018, according to a new Inside MBS & ABS ranking. [Includes two data charts.]
Efforts to adopt certain consumer protections at both the state and federal levels will increase credit strength for ABS backed by Property Assessed Clean Energy programs, rating services said.
The U.S. Supreme Court decided this week that it’s not going to hear an appeal from Royal Bank of Scotland and Nomura Holdings, which were hoping to overturn an $839 million award ruling on an old MBS suit. This puts an end to a drawn out seven-year battle between the government and the two banks.
Holdings of first-lien residential mortgages by banks and thrifts increased in the first quarter of 2018, according to a new ranking and analysis by Inside Nonconforming Markets. Banks and thrifts held $2.025 trillion of first-lien home loans as of the end of the first quarter, up 0.5 percent from December 2017 and up 4.8 percent from March of last year. Trends varied somewhat among the 10 largest holders of first liens, with some posting large gains on an ... [Includes one data chart]
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