Fitch Ratings last week upgraded 18 non-agency MBS backed by seasoned loans. The deals had been issued in recent years and performed better than the rating service expected.
The Angel Oak Companies has officially entered the small-balance commercial loan market, focusing on credits of $5 million or less for a host of properties, including multifamily, industrial, mixed-use, retail and medical.
A number of issuers are exploring bringing ABS backed by life-contingent structured settlements, according to DBRS. Interest in the sector increased following a $59.9 million deal DRB Capital issued near the end of 2017 backed by annuities and life-contingent structured settlement receivables.
Collateral backing prime non-agency MBS issued after the financial crisis has performed well in part because of limited risk layering, though an increase in cash-out refinance loans is a possible source of risk, said Moody’s Investors Service.
Ginnie Mae has reinstated one of two VA lenders it suspended last month for alleged loan churning practices that triggered rapid prepayments in the agency’s MBS.
Freddie Mac plans to issue its first credit-risk transfer deal as a trust execution this month in preparation for the new Real Estate Mortgage Investment Conduit structure, according to Michael Reynolds, vice president of credit- risk transfers.
Originations of non-agency jumbo mortgages declined in the first quarter of 2018 at a number of banks that provide early disclosures about their business. Officials cited seasonal factors for the lower volume and suggested that production will bounce back in the second quarter. First Republic Bank, the largest of the four banks in terms of jumbo production, had $2.33 billion in total originations in the first quarter. Jumbos tend to account for more than 90.0 percent of its total production ...
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