The handling of a lawsuit relating to repurchase activity on pre-crisis non-agency MBS could have a wide-ranging impact on the industry, according to the Securities Industry and Financial Markets Association.
The Department of Veterans Affairs wants to act quickly to stamp out cash-out refinance transactions that it deems abusive to service members. It’s going to bypass a lengthy rulemaking process and issue an interim rule to address the problem.
The White House is moving closer to naming an interim successor to Federal Housing Finance Agency Director Mel Watt, whose term is set to expire in early January, industry sources told Inside MBS & ABS this week.
Ginnie Mae’s recent focus on issuer liquidity and requirements for using subservicing vendors has received high marks from key industry factions and former regulators, but not everyone is happy.
Despite a robust economy, retailers are still floundering in a shifting business environment. Recent bankruptcy filings and store closures by retailers are posing risks to certain commercial MBS, according to several reports.
The first post-crisis subprime auto ABS to suffer a downgrade has been demoted further due to ongoing performance issues. The downgrades so far have been limited to the lowest tranche of the ABS issued by Honor Finance, but the class B notes are on watch for a potential downgrade.
Performance of ABS backed by credit-card receivables remained strong in the third quarter of 2018 despite rising consumer-debt levels, according to an update from Moody’s Investors Service.
The strong demand for non-agency mortgage-backed securities this year looks to be tied to a number of factors, according to industry analysts. ICE Data Services, a firm that tracks non-agency MBS prices, noted that the sector has been helped by large settlements involving legacy non-agency MBS. And investors are more comfortable with the legal liability associated with non-qualified mortgages, prompting significant securitization of the loans. Issuers are also experimenting with ...
An affiliate of American Mortgage Investment Partners Management plans to issue a non-agency mortgage-backed security with a high share of cash-out refinances on investment properties. Some 70.2 percent of the mortgages in the $199.5 million RCO 2018-VFS1 Trust are cash-out refis while 16.0 percent were to purchase an investment property. All of the loans were originated by Visio Financial Services, a lender that started producing mortgages in September 2015 ...
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