The steady recovery in prime jumbo securitizations and financing needs of nonbank mortgage servicers fueled a modest increase in non-agency MBS issuance during the second quarter of 2013, according to a new Inside MBS & ABS ranking and analysis. A total of $10.08 billion of non-agency MBS were issued during the second quarter, up 17.6 percent from the first three months of the year. It was the strongest three-month output in two years and lifted year-to-date issuance to $18.66 billion, a 119.0 percent increase over the same period in 2012. Re-securitizations of seasoned non-agency MBS have tapered...[Includes two data charts]
The audience for the marketing of private-placement securities is set to increase due to changes approved last week by the Securities and Exchange Commission. Separately, the Financial Industry Regulatory Authority voted to increase transparency for consumer ABS private placements, prompting some to suggest that FINRA could also increase transparency for private-placement non-agency MBS. The SEC voted 4-1 to adopt a new rule to implement a JOBS Act requirement to lift the ban on general solicitation or general advertising for certain private securities offerings offered under Rule 506. The SEC also amended Rule 144A, which covers private placements of non-agency MBS and other securities. Under the new rule, offers of 144A securities can be made...
The MBA believes that the Treasury Department – despite being the GSEs’ single biggest shareholder – has been absent on Fannie/Freddie reform since early 2011.
Accenture is making major inroads in the residential finance space with its purchase of Mortgage Cadence. Meanwhile, Fannie says market could move toward ARMs.
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