Acting Ginnie Mae President Michael Bright confirmed the resurgence of inappropriate streamline refinancing in securitization pools, promising a crackdown…
Over the past several weeks, the Treasury Department has been meeting with several industry trade groups about the future of Fannie Mae and Freddie Mac, discussing – among other things – what to do about the impending “zero capital” problem as well as the topic of multiple guarantors. Treasury’s goal, these officials said, is to come up with a workable blueprint on the future of the government-sponsored enterprises and the nation’s housing finance system – changes that might touch Ginnie Mae as well. Late this week there was...
The seasonal surge in primary market mortgage originations stood in stark contrast to a slump in new residential MBS issuance during the second quarter of 2017. Mortgage lenders originated an estimated $455.0 billion of new first-lien loans during the April-June cycle, an 18.2 percent increase from the first three months of the year, according to estimates by Inside Mortgage Finance. But the secondary market generated just $294.7 billion in MBS backed by purchase and refinance loans – a 5.3 percent decline. The result was...[Includes one data table]
An affiliate of Interval Leisure Group priced a timeshare securitization last week as the market for such deals keeps humming along. Timeshare securities are backed by vacation ownership interest loans that tend to perform relatively well and carry attractive yields. Some $2.0 billion of timeshare ABS have priced this year, according to S&P Global Ratings. In all of 2016, $2.6 billion of timeshare ABS was issued, according to the Securities Industry and Financial Markets Association. VSE 2017-A VOI Mortgage from ILG is...
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