Stearns Holdings LLC has sent out notices to investors that snatched up $250 million worth of short-term debt that it would like to buy back at least $80.0 million of the paper, which matures in 2020.
New non-agency MBS encompass a variety of different servicer strategies on how they advance payments for delinquent loans, with mixed impact on investors, according to rating services.
Nomura Securities wants the Supreme Court of the United States to hear its case after losing an appeal in October to overturn an $800 million penalty assessed by the Federal Housing Finance Agency. The firm argues that the high court should determine whether the Housing and Economic Recovery Act’s extension of the statute of limitations applies to statutes of repose.
Issuers of non-agency commercial MBS responded to risk-retention requirements by tightening underwriting standards and passing costs onto borrowers, according to an analysis by Craig Furfine, a professor at Northwestern University’s Kellogg School of Management.
The securitization of film rights is a growing market, a wide-open frontier that could be the proverbial mother lode for daring investors or a financial graveyard for the ill-informed.
After booking large one-time charges from marking down the carrying value of their deferred tax assets in the fourth quarter, Fannie Mae and Freddie Mac likely will post strong earnings for the first quarter of 2018, according to an analysis by Inside MBS & ABS.
Since the start of 2018, two new firms have issued prime non-agency MBS and a third player looks set to rejoin the sector. Issuers expect more competition this year due to relatively strong demand from investors for prime non-agency MBS.
Production of new non-mortgage ABS soared in the first three months of 2018, pushing the market to its strongest quarter since the April-June cycle back in 2008. [Includes two charts.]
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