Nationstar appears to be the winning bidder on the Taylor Bean & Whitaker MSR pacakge. Meanwhile: Ed DeMarco, the most powerful man in mortgage finance today?
Credit Suisse issued a $422.2 million non-agency jumbo mortgage-backed security last week with some of the loans in the private placement sourced from Two Harbors Investment. Two Harbors a real estate investment trust that has been working to issue its own non-agency MBS for more than a year is also expected to be the initial investor in the subordinate tranche of the MBS. CSMC Trust 2013-TH1 received AAA ratings from DBRS, Fitch Ratings and Standard & Poors, with 7.05 percent credit enhancement ...
Fannie Mae and Freddie Mac will make a number of efforts to increase the market share for the non-agency market in 2013, according to Edward DeMarco, acting director of the Federal Housing Finance Agency. In a speech this week, he said guaranty fees on agency mortgages will continue to increase, the government-sponsored enterprises will complete significant risk-sharing transactions, and they will continue to work on a securitization platform and contractual frameworks that could be used for ...
Conforming loan limits should be lowered to help draw private capital into the mortgage market, according to recommendations from a bipartisan think tank led by former policymakers. The Bipartisan Policy Center recommended phasing out the government-sponsored enterprises and replacing them with a new Public Guarantor that would shift mortgage finance risk to the private sector. A gradual reduction of the loan limits for government-guaranteed mortgages would help to rebalance the ...
Fannie Mae and Freddie Mac have been content to let their significant holdings of non-agency mortgage-backed securities run off in recent years as opposed to selling the investments at a loss. However, the government-sponsored enterprises will likely have to sell some of their vintage non-agency MBS due to a mandate from the Federal Housing Finance Agency. A set of goals for the GSEs in 2013 released this week by the FHFA includes reducing the GSEs retained portfolio balances by selling 5 percent of the assets ...
The Department of Housing and Urban Development said it will share information soon on the estimated impact of mandatory, across-the-board spending cuts on HUD/FHA programs and their recipients. A HUD spokesman declined to put a sequestration tag on all affected programs, including FHA, saying details would be available as soon as the department notifies all HUD funding recipients of automatic spending cuts that went into effect last week. The mandatory cuts to defense and discretionary spending kicked in after Congress failed to enact a plan to reduce the deficit by $1.2 trillion over 10 years, as required by ...