Vehicle ABS issuance reached a record $46.5 billion in the third quarter, and that doesn't count rental-fleet financing. But a sharp decline in auto-dealer floorplan securitization led to a slip in business ABS production. (Includes three data tables.)
Industry trade groups have sent letters to the Federal Reserve chair, asking for an end to its quantitative tightening and rate hikes in an effort to reduce mortgage rates and stimulate home sales.
Mortgage rates remain stubbornly high by modern standards with the spread between the 10-year Treasury and MBS showing no mercy. Is there any hope on the horizon for a reprieve? Probably not.
A lawsuit accusing Moody’s and S&P of fraud and negligent misrepresentation in rating auction rate securities in the runup to the 2008 crisis was dismissed by a New York court last week.
The GSEs saw an uptick in uninsured mortgage business from the second to the third quarter, while FHA purchase and refi volume surged. (Includes three data tables.)
Extending rep-and-warrant relief to loans that successfully exit COVID-19 forbearance could further reduce the already small volume of buyback requests.
Mark Jones, 2024 chairman of the Mortgage Bankers Association, sympathized with lenders who are going through the uncertainties of a steep market downturn.
The proposed capital rule would not only push banks to rethink their mortgage activity, it would also concentrate a lot of lending power on Wall Street, according to panelists at the MBA’s annual convention.
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