After a brief rebound in the first quarter, issuance of non-agency MBS declined in the most recent three-month period despite a tiny increase in prime deals.
Industry participants continue to try to influence the Securities and Exchange Commission on a proposed rule addressing conflicts of interest in the securitization market.
Despite early fears that the MBS portfolios of the now-defunct Silicon Valley Bank and Signature Bank would be a hard sell, the market has responded favorably to sales of the securities.
Securities and insurance trade groups are concerned about a proposed update to standards from the National Association of Insurance Commissioners, which has oversight of MBS and ABS investments.
MBS trading increased in June. That’s the good news. But for trading to really take off, the Fed needs to cut rates, an unlikely prospect until next year.
The Community Home Lenders of America is pushing for Congress to create a cash window for deliveries to Ginnie Mae. Former Ginnie President Ted Tozer noted the agency’s charter doesn’t allow it to operate a cash window.
The agency single-family servicing market grew more rapidly in the second quarter of 2023, with nonbanks racking up most of the gains. Ginnie remained the fastest-growing sector.
It’s all how you look at it. Right? The early results show a turnaround in bank mortgage lending on a sequential basis for the second quarter but ugly drops compared to a year ago. The problem: 7% mortgages.
Home prices were expected to come down this year due to affordability issues stemming from high interest rates. Instead, home prices look fairly firm thanks to housing supply/demand dynamics.
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