Securitization of newly-originated expanded-credit mortgages declined slightly in the second quarter despite a strong showing in the nonprime sector. [Includes one data chart.]
Fannie Mae is in the hunt for a new CEO to replace current chief Timothy Mayopoulos, but finding just the right candidate could prove difficult because of a $600,000 salary cap placed on the position back in 2015 by Congress.
The nation’s two largest real estate investment trusts that focus on the MBS market – Annaly Capital Management and AGNC Investment Corp. – have built up their MBS portfolios over the past year despite sluggish second-quarter activity.
Fannie Mae and Freddie Mac shareholders are working to make sure their cases against the government don’t get shoved aside after a string of adverse court decisions. Plaintiffs are looking to tweak their complaint to include a challenge based on a ruling in another case that the Federal Housing Finance Agency structure is unconstitutional.
Two major banks and a defunct subsidiary of Lehman Brothers have agreed to settlements with the Department of Justice to resolve legacy non-agency MBS disputes.
The majority of loans in expanded-credit mortgage-backed securities are adjustable-rate mortgages, while such loans are few and far between in prime non-agency MBS, according to a new analysis by Inside Nonconforming Markets. [Includes one data chart.]
More competition is coming into the nascent business of aggregating non-qualified mortgages and issuing mortgage-backed securities drawn by the market’s potential for profitable growth.
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