The Federal Housing Finance Agency said it has settled one of its numerous lawsuits against non-agency mortgage-backed securities issuers for misrepresenting deals that were sold to Fannie Mae and Freddie Mac before the mortgage market collapse.
The government-sponsored enterprises are working several different risk-transfer pilots and will soon issue the securities, according to officials at the Federal Housing Finance Agency, Fannie Mae and Freddie Mac. Non-agency MBS investors appear eager for the securities, though a number of regulatory concerns remain, including complications with the Commodity Futures Trading Commission. Patrick Lawler, chief economist at the FHFA, said a risk-sharing transaction will hopefully be issued in the “not too distant future.” Speaking at the American Securitization Forum’s ASF 2013 conference this week in Las Vegas, Lawler and other officials with the FHFA and GSEs said risk-sharing transactions are a high priority this year. “The commitment is...
Although mortgage profits reported for the fourth quarter, so far, have been strong, trouble may lie ahead for the sector with lower gain-on-sale margins and moderately contracting spreads, according to analysts at Keefe, Bruyette & Woods.
Inside Mortgage Finance shortly will publish its final 4Q ranking of FHA lenders, but it appears that the October-December period was one of the strongest in terms of loan production in quite some time ...plus other mortgage briefs.
Fannie Mae and Freddie Mac have created a limited prototype of their somewhat controversial standardized securitization platform and are working to address industry feedback, according to officials at the Federal Housing Finance Agency and the government-sponsored enterprises. Speaking at the American Securitization Forum’s ASF 2013 conference this week in Las Vegas, Patrick Lawler, chief economist at the FHFA, said a limited prototype of the securitization platform has been developed. Wanda DeLeo, deputy director of the FHFA’s office of strategic initiatives, said the GSEs continue to work on the prototype, which is based largely on the architecture outlined in an October white paper from the FHFA. The white paper received...
A major surge in the securitization of student loans helped push overall non-mortgage ABS issuance up 65.9 percent during the fourth quarter of 2012, according to a new Inside MBS & ABS ranking and analysis. Total non-mortgage ABS issuance climbed to $147.0 billion in 2012, up 15.9 percent from the previous year. It was the strongest market for ABS securitization since 2009, but still trailed the levels reached prior to the financial market collapse in 2008. ABS backed by retail vehicle financing were...[Includes two data charts]
Relatively new players to the world of Fannie Mae approvals are starting to gripe a little more about the “volume curbs” that the GSE is placing on its “newbie” customers. One mortgage banker, who spoke under the condition his name not be used, told Inside Mortgage Finance ...
Nationstar Mortgage this week priced $300 million of asset-backed notes in what the company called “the first ever” securitization of collateral backed by agency servicing advances, a sign that nonbanks are beginning to see more liquidity for mortgage servicing rights. The yield on the Nationstar paper is an attractive 1.46 percent. The term is three years. And in another development in the same market, Home Loan Servicing Solutions, which is affiliated with Ocwen Financial, has signaled...
A credit rating agency has agreed to be barred for 18 months from rating asset-backed and government securities issuers, while a former broker-dealer executive has been charged with duping investors in connection with the sale of MBS. Egan-Jones Ratings Co. and its owner/president, Sean Egan, have agreed to the temporary prohibition as part of a settlement with the Securities and Exchange Commission for allegedly “making willful and material misstatements and omissions” while registering with the SEC to become a nationally recognized statistical ratings organization for ABS and government securities. The SEC discovered...
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