Heavy refinance activity in the first half of 2015 caused a significant shift in the kinds of single-family MBS produced by Fannie Mae, Freddie Mac and Ginnie Mae. Issuance of MBS backed by adjustable-rate mortgages has dropped sharply in 2015, and ARMs haven’t had much of a presence for years. ARM MBS production by Fannie and Freddie in the first half of 2015 was down 20.1 percent from a year ago. The drop in Ginnie ARM securitization was less severe, 18.3 percent, but ARMs accounted for an even smaller share of overall production (1.7 percent) at Ginnie than the 2.9 percent share they had in government-sponsored enterprise MBS. Oddly, the heavy refinance market in the first half of 2015 did not appear...[Includes two data tables]

Over the past few weeks, an unconfirmed rumor was making the rounds that Bank of America would once again begin securitizing newly originated mortgages through Fannie Mae. But a quick check with both parties indicates that the “cold war” between the two isn’t likely to thaw anytime soon. Terry Francisco, a spokesman for BofA said the bank is only selling Home Affordable Refinance Program loans to Fannie. The bank, he noted, discontinued securitizing newly originated non-HARP loans through the government-sponsored enterprise in 2012. According to figures compiled by Inside MBS & ABS, over the past three years almost all of the non-refinance activity between the two has centered...

DBRS published proposed criteria this week to rate ABS backed by proceeds from Property Assessed Clean Energy programs. While the Federal Housing Finance Agency continues to place PACE-related prohibitions on mortgages delivered to the government-sponsored enterprises, the rating agency suggested that PACE programs are designed with a number of protections. Comments on the proposed criteria from DBRS are due Sept. 8. The firm would join Kroll Bond Rating Agency in offering ratings on PACE securitizations. KBRA has rated four PACE deals, the first of which was issued in March 2014 and all of which have received AA ratings. The PACE deals rated by KBRA were related...

But Garrett also noted: “Congress should kill the CFPB, or at least de-fang it, but until it does, total compliance is necessary.” That’s more like it…

The House Financial Services Committee this week marked up legislation to block pay raises for the top executives at Fannie Mae and Freddie Mac and to extend qualified-mortgage status to loans originated for an institution’s retained portfolio. H.R. 1210, the Portfolio Lending and Mortgage Access Act, introduced by Rep. Andy Barr, R-KY, would extend qualified-mortgage protection from litigation and enforcement actions for mortgages originated and retained in portfolio by depository institutions. “This would incentivize private-sector risk retention,” said Barr. Rep. John Carney, D-DE, said...

Abreu ran GMAC from October 2009 to 2013. He then went to work for Ellington Management Group where he headed originations.

During JPM’s recent earnings call, Lake said “over half” of the new portfolio additions were jumbos and “the other half” were conventional mortgages.

As the summer moves along, servicing auctions of all different sizes keep coming...

A rebound in multifamily MBS issuance by Fannie Mae, Freddie Mac and Ginnie Mae pushed total securitization of commercial mortgages up slightly in the second quarter of 2015. A total of $53.96 billion of income-property mortgages were securitized in the second quarter, according to a new Inside MBS & ABS market analysis. That was up a scant 0.6 percent from the first quarter of 2015. All of the gain came...

The 25 largest banks held $1.15 trillion in MBS at the end of June, according to an Inside MBS & ABS analysis of Federal Reserve data.