Morningstar: CMBS Market Notorious for ‘Rating Shopping’ November 19, 2014 George Brooks The CMBS market is well known for rating shopping, where issuers will invite up to six CRAs to conduct a preliminary review of an initial asset pool.Read More
CS/DLJ Will Issue Non-Agency MBS Backed By ‘Re-Performers’ November 19, 2014 Brandon Ivey Fitch warned that about 25 percent of the collateral received C or D grades for material violations or lack of documentation.Read More
Senate Banking Chair Urges Watt and Treasury to End GSE Conservatorships November 19, 2014 Paul Muolo The two GSEs have been in conservatorship for six-plus years now, with no legislative solution to their future in sight.Read More
Short Takes: Any G-Fee News? No / Keeping an Eye on MSR Sales / Why Realtors Will Live Forever / California Home Sales Nothing Special / Jeb Will be Back, Hensarling At Least November 19, 2014 George Brooks, Paul Muolo, and Charles Wisniowski After a servicing sale closes, the GSEs must monitor each transaction to make sure the transfer of receivables took place in a timely manner and more…Read More
Cerberus-Backed FirstKey to Issue its First Jumbo MBS November 18, 2014 Brandon Ivey The top contributor to the new jumbo MBS from FirstKey is CMG Financial with a 13.8 percent share. Cornerstone, Bank of Internet and Impac also provided product.Read More
FHFA: Extensive ‘Testing’ Underway at Common Securitization Platform November 18, 2014 Charles Wisniowski In 2015, the team at the GSE common securitization platform will focus on implementation of the remaining software components...Read More
Short Takes: Obama Won’t Give Up on Killing the GSEs / Redwood Sells Debt / More Ocwen Customer Complaints / Carrington Bolts ARMs / The Return of Mike Baldwin November 18, 2014 Brandon Ivey and Paul Muolo Republicans have never been big fans of the GSEs and there’s plenty of Democrats who aren’t so sure about the government “guaranty” as well...Read More
Brokers and Correspondents Key Players in 3Q MBS Surge November 17, 2014 John Bancroft Although Wells Fargo officially exited the broker market two years ago, it apparently still does a tiny amount of business through the channel.Read More
FHFA’s Watt Testifies Before Senate Panel This Week; FHLB Membership a Key Topic? November 17, 2014 Charles Wisniowski The senate panel is expected to ask questions on guaranty fees and the common securitization platform as well.Read More
Short Takes: Former FHFA Chief Blasts Mortgage Industry / Who’s Behind the HIC? / More Relief From FHA / Ocwen’s Stock Recovers Slightly / Venable Hires Ex-Hensarling Staffer November 17, 2014 Paul Muolo and Charles Wisniowski So, which groups are behind the "housing-industrial complex"? DeMarco isn't naming names...Read More