Still, the deal world grinds forward. “Ten days ago, sales were dead, but interest is picking up again,” said Mark Garland, president of MountainView Servicing Group…
Servicers of loans in MBS and ABS responded to recent hurricanes by aiming to limit investors’ losses while also showing consideration to borrowers. Practices vary across asset types, particularly in the MBS market. A number of issuers and servicers at the ABS East conference produced by Information Management Network last week in Miami Beach said they suspend collection-related calls to delinquent borrowers in the days immediately following a hurricane. Servicers also stressed that it’s important to hear from borrowers to better understand whether loss mitigation might be necessary. Fannie Mae, Freddie Mac and federal government entities involved in the mortgage market issued...
Social Finance, a former fintech darling, has been through the ringer of late: cofounder, CEO and “brain” Michael Cagney resigned midmonth amid sexual harassment allegations and other top executives have departed as well, raising questions about the company’s direction – and future. SoFi, as it’s known, was a “disruptor” of sorts in the financial services arena, refinancing student loans made to millennials at cheaper rates and then securitizing the paper. Over the past 18 months, the privately held startup has been...
The biggest challenge for the vibrant single-family rental market may be the shortage of available homes to purchase, according to panelists speaking at an Urban Institute event highlighting institutional investment in SFRs this week. And one analyst pointed to mid-sized investors as being best positioned to profit from the market. Since the financial crisis, SFRs have emerged as a viable housing option and real estate investment firms are seizing the opportunity. Both mom-and-pop operators and institutional investors have been buying homes of all sizes and offering them as rental properties. Prior to the crisis, there were...
Fannie Mae and Freddie Mac are encouraging MBS market participants to begin planning how they will adapt to the new uniform MBS when it goes online in early 2019. The “Single Security Initiative Market Adoption Playbook” provides a detailed look at the many changes involved in the new security, which will take the place of the separate to-be-announced MBS that the two government-sponsored enterprises now issue. The project includes...
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