The plaintiffs have long argued that the government is trying to keep roughly 1,500 documents hidden under the deliberative process and bank examination privileges.
With Trump being a real estate developer – though that part of his career is on hold right now – it will be interesting to see if he takes a hands-on approach to reforming the GSEs...
The agency single-family MBS market continued cranking along during the third quarter of 2017, but other sectors in structured finance saw weakening issuance, according to an exclusive new analysis and ranking by Inside MBS & ABS. Some $407.55 billion of MBS and ABS – excluding collateralized debt obligations and agency credit-risk transfer deals – were issued during the third quarter. That was off 4.9 percent from the previous three-month period and it ... [Includes three data charts]
Requirements for asset-level disclosures for certain ABS fell off of the Securities and Exchange Commission’s most recent regulatory agenda but the issue remains on the regulator’s radar, according to industry participants. Asset-level disclosure requirements for MBS and ABS have been a concern since 2010 when the SEC proposed revisions to Regulation AB. Some of the so-called Reg AB2 revisions were ultimately finalized in 2014, establishing disclosure requirements for ...
Investor demand for non-agency MBS backed by re-performing loans has prompted an increase in issuance, with a new emphasis on deals that have credit ratings. Chimera Investment issued its first rated RPL transaction this week and MetLife Investment Management is preparing to enter the market as an issuer. “Rated RPL MBS has fundamentally changed the market,” Scott Waterstredt, a managing director at MetLife, said at the recent ABS East conference. He noted that ...
Fannie Mae and Freddie Mac – wards of the federal government for over nine years now – are poised to report stellar earnings for the third quarter, likely blowing past results of the prior two periods, according to an analysis by Inside MBS & ABS. Not only did the two government-sponsored enterprises benefit from a strong origination market in the third quarter, and robust guarantee fee income, but a previously announced legal settlement with Royal Bank of Scotland will soon ...
Roughly 9.8 percent of Ginnie Mae’s outstanding MBS portfolio may be potentially at risk due to hurricanes Harvey, Irma and Maria, according to data released recently by the agency. The tally represents the number of Ginnie loans and their unpaid principal balance amounts in the presidentially declared disaster areas in Texas, Florida, Georgia, Puerto Rico and the U.S. Virgin Islands. A total of 1.066 million mortgages with a UPB of $184.5 billion have been affected. Ginnie’s current MBS portfolio totals $1.9 trillion
Nomura Holdings and the Royal Bank of Scotland fought a long battle but eventually lost in a court appeal last week when the judge decided not to undo an earlier order forcing them to pay the government $839 million. The settlement was based on the banks not being truthful about non-agency MBS sold to Fannie Mae and Freddie Mac prior to the housing meltdown. The firms’ lawyers chose to appeal the 2015 decision by U.S. District Court Judge Denise Cote. She found the companies ...
Vacancy rates are up in the single-family rental space, mostly due to seasonal factors, according to a new report from Morningstar Credit Ratings. Meanwhile, the toll from Hurricane Irma is still being calculated. “The average vacancy rate among single-family rental securitizations climbed to 5.7 percent in August, as property managers dealt with increased lease expirations, typical of the summer months,” analysts from Morningstar said. This was the fifth consecutive monthly increase. They cited two ...
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