Prepayments on student loan ABS could spike amid debt forgiveness; Annaly sells stock; the Erbey-Altisource-PIMCO connection; commercial MBS at risk with potential bankruptcy of Regal Cinemas owner.
The federal entities appear to have accommodated many of the concerns of small and mid-sized seller/servicers, reducing some requirements and eliminating others.
Despite a tepid improvement in whole-loan prices being paid for non-QM mortgages, yet another non-QM operator has closed its doors: Cypress Mortgage. It was barely four months old.
Angel Oak Capital Advisors and a portfolio manager with the company settled with the SEC, which alleged improper reporting of delinquencies on a fix-and-flip securitization issued by Angel Oak in 2018.
Ginnie Mae said it supports HUD’s efforts seeking legislation that would provide a permanent source of capital for housing finance agencies fostering affordable multifamily housing.
Performance of student loan ABS declined in the second quarter. And a moratorium on payments for federally backed student loans is set to expire at the end of August.
An appeals court overturned a ruling that ordered UBS to pay more than $2.5 million to a former commercial MBS research analyst. The verdict conflicts with other circuit court decisions and could end up at the Supreme Court.
There’s nowhere to hide for non-agency MBS issuers as quickly rising interest rates prompt losses. Loans the issuers are looking to sell have seen limited demand and lose value when retained even short-term.
Fannie and Freddie issued a combined $17.57 billion in CAS and STACR certificates in the first half of 2022, more than in any full year since CRT was invented. (Includes data chart.)
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