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Ginnie Issuer Ditech Gets a Breather from Note Holders

January 18, 2019
Ditech investors that control a large portion of the nonbank’s “Toggle Notes” have agreed not to force the troubled lender/servicer into bankruptcy — at least for now, according to a new 8-K filing with the Securities and Exchange Commission.
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Shutdown Prompting Uncertainty for ABS Issuers

January 18, 2019
Brandon Ivey
The partial federal government shutdown, now into its fourth week, is having an impact on ABS and MBS issuers that register deals with the Securities and Exchange Commission.
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Shutdown Impedes Ginnie Liquidity Letters, Summit

January 18, 2019
Paul Muolo
The federal government shutdown is affecting business operations of Ginnie Mae, forcing the government guarantor to scuttle its annual summit with issuers and delaying progress on “liquidity letters.”
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Wells Makes Some Changes to Second Post-Crisis Deal

January 18, 2019
Wells Fargo’s second post-crisis jumbo MBS differs from the one it issued in October. The new deal is substantially larger than the previous issuance and the lineup of three rating services is somewhat different.
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JPM Packs GSE-Eligible Collateral into a $978 Million Non-Agency MBS

January 16, 2019
Brandon Ivey
Roughly 42 originators are providing collateral for the JPM MBS…
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GSE Market Shifted Toward Megabanks in 4Q18

January 16, 2019
John Bancroft
Chase’s secondary market patterns are typically herky-jerky…
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Ginnie Mae Postpones Annual Summit, Citing Government Shutdown

January 16, 2019
Paul Muolo
Scheduled speakers included Housing and Urban Development Secretary Ben Carson, Kasper and Edward DeMarco, former acting Director of the Federal Housing Finance Agency.
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Short Takes: Worrying About What Mark Calabria Might Do / Ever Seated? / A Price War Brewing in Non-QM? / Tim Anderson’s Blockchain Job / Freddie Gets a New General Counsel

January 15, 2019
Paul Muolo and Dennis Hollier
We understand a bit of a price war may be brewing in the non-QM market...
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Retail Channel Continues to Lose Market Share as Correspondent Surges

January 14, 2019
John Bancroft
Wholesale-broker activity saw roughly the same rate of decline as the retail channel did...
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Hedging Losses Likely for Fannie and Freddie in 4Q18?

January 14, 2019
Paul Muolo
The more exaggerated the rate moves, the greater the gain or loss.
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