Borrowers and lenders increased their emphasis on ARMs in the second quarter as interest rates continued to spike. The loans accounted for more than 12% of total originations during that time. (Includes data chart.)
Banks and thrifts added a significant amount of first liens, with a focus on adjustable-rate mortgages, to their portfolios in the second quarter. Overall, holdings increased by 4.2% between March and June. (Includes data chart.)
Angel Oak, a key player in the non-QM MBS market, is facing financial turbulence. The CEO of its REIT departed suddenly this week and a line of credit it has with Barclays is about to expire.
Rising mortgage interest rates increased the market share of jumbo loans, ARMs and expanded-credit mortgages in the second quarter, while the agency market shrank. The result was a downturn in securitization rates. (Includes data chart.)
JPMorgan Chase continued to hold the biggest portfolio of MBS/ABS in trading accounts. Bank holding companies posted a 14.9% increase in agency MBS held in trading accounts. (Includes data chart.)
A lawsuit filed by New York’s attorney general against Donald Trump put a spotlight on valuation practices for commercial properties. Commercial MBS participants note that protections are in place regarding potentially inflated appraisals.
For most of 2021 and the year prior, whole-loan prices in the scratch-and-dent market were at a premium. And today? Far from it, says RAMS Mortgage Capital.
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