Nonbank boosters continue to fear Ginnie Mae’s final capital rule may not accurately reflect the intrinsic value of MSRs. Others fear it could be too soft.
Momentum for aircraft securitizations won’t come until late 2022, according to Fitch. Sanctions on Russia and damage to planes in Ukraine could sink certain deals.
The Federal Housing Finance Agency plans to implement tiered financial requirements for nonbank servicers and set harsher treatment for Ginnie servicing than what’s currently required for GSE seller/servicers.
Overall securitization rates declined in 2021 as the historic wave of GSE and government business began giving way to increased non-agency lending. (Includes data chart.)
Geopolitical events halfway around the world are affecting interest rate moves in the U.S. It’s possible that mortgage rates could move lower in the immediate weeks ahead. Otherwise, the crystal ball looks cloudy.
Moody’s placed AAA-rated tranches from four warehouse securitizations on review for potential downgrades following a revision to rating criteria that includes harsher treatment of deals that allow for wet loans.