New issuance of agency single-family MBS in October was almost even with the previous month, but there was a sharp swing of market share between the two government-sponsored enterprises, according to a new Inside MBS & ABS ranking and analysis. Total new MBS issuance by Fannie Mae, Freddie Mac and Ginnie Mae came to $113.99 billion last month, a modest 0.5 percent decline from September. But while Fannie production slumped 11.5 percent, Freddie ... [Includes two data charts]
Although it’s still unclear when the Treasury Department will release its blueprint for resolving the epic conservatorships of Fannie Mae and Freddie Mac and reforming the housing-finance system, industry officials are sifting through the Trump administration’s tea leaves. One source who claims to be familiar with Treasury’s thinking on the matter said a consensus is developing around a model where the government-sponsored enterprises re-emerge as “utilities” with little or ...
The news at the Federal Reserve this week can best be summarized by the term “status quo.” The U.S. central bank held interest rates unchanged, its plan to gradually unwind its massive portfolio continues unchanged, and President Trump nominated Fed governor Jerome Powell to succeed Janet Yellen, likely ensuring more of the same when it comes to the future of both interest rates and the balance sheet. When it came to rates, the Federal Reserve’s Open Market Committee ...
Tesla Energy is preparing to issue a $344.0 million ABS backed by proceeds from solar-power generating systems on residential properties. The planned TES 2017-1, LLC, Series 2017-1 received an A- rating from Kroll Bond Rating Agency last week. The transaction is secured by proceeds on a portfolio of 33,499 leases and power-purchase agreements associated with solar photovoltaic systems. The leases and PPAs were originated by SolarCity, which does business under ...
American Mortgage Investment Partners Management is set to issue a relatively rare non-agency MBS backed by individual mortgages on residential investment properties. The private-equity fund is preparing to issue a deal named RCO 2017-INV1 Trust, according to documents filed last week with the Securities and Exchange Commission. Investors that use mortgages to purchase residential properties typically use financing backed by Fannie Mae or Freddie Mac. But the ...
The Department of Justice has announced a non-prosecution deal with the Royal Bank of Scotland, which includes a $44 million settlement, to resolve a criminal probe of the bank’s activities in non-agency MBS and collateralized loan obligations. The probe accused the bank of defrauding more than 30 customers that purchased residential and commercial MBS as well as ABS over a five-year period beginning in 2008. The group that handled the sales of these securities for RBS was ...
This week, the government-sponsored enterprises reported combined earnings of $7.69 billion in the third quarter of 2017, which was up almost $3 billion from the previous period. As the end of the year approaches, they also continue to reduce their retained investment portfolios as mandated by the Federal Housing Finance Agency. Fannie Mae and Freddie Mac earnings were boosted by a legal settlement with the Royal Bank of Scotland over non-agency MBS ... [Includes one data chart]
Brian Vieaux, a senior vice president of third-party originations, said loan brokers are an “extension” of Flagstar’s reach through the retail channel.
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