Use of a deal agent in new non-agency mortgage-backed securities will help convince large investors to return to the market, according to industry participants. The benchmark non-agency MBS in the works with help from the Treasury Department will include a deal agent, according to Michael Stegman, counselor to the Treasury on housing finance policy. At a talk this week hosted by the Financial Services Roundtable and CoreLogic, Stegman noted that Treasury continues to ...
The latest jumbo mortgage-backed security from Two Harbors Investment is set to have the lowest credit enhancement levels of any deal issued this year, according to an analysis by Inside Nonconforming Markets. Strong performance and underwriting characteristics along with repeat issuance appears to have helped decrease credit enhancement requirements for the transaction. The $241.06 million Agate Bay Mortgage Trust 2015-3 received a preliminary AAA rating ... [Includes one data chart]
Ocwen Financial had a rough 2014, but officials at the nonbank suggest the company will be profitable in 2015 and beyond. Ocwen faces a number of outstanding issues, including questions from an independent auditor regarding the nonbank’s ability to operate as a going concern. Ocwen reported a preliminary net loss of $546.29 million in 2014 compared with net income of $310.42 million in 2013. Officials at the nonbank said the loss for 2014 incorporates the impact of ...
The Federal Home Loan Bank of New York and MAX Exchange announced a pilot program that will allow members of the New York FHLBank to sell jumbo whole loans on an open exchange platform. MAX Exchange is a peer-to-peer trading platform and clearing house for mortgages. The pilot program will include a limited number of pre-approved traditional secondary mortgage investors and a limited number of New York FHLBank members ... [Includes six briefs]
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