Whether its warehouse borrowing or debt restructuring, the capital markets remain a favorable place to be for nonbank lender/servicers.

The delinquency rate on commercial MBS in November slipped modestly thanks to continued COVID-related relief. The recovery ahead will be slow, particularly for the lodging and retail sectors.

Freddie issued its first multifamily K-deal in which both the floating-rate bonds and the underlying mortgages are indexed to SOFR.

The use of LIBOR as an index is slated to end in just under 13 months but the benchmark administrator has other ideas. One issue: legacy contracts.

Performance on non-agency MBS has improved after the spike in late payments seen in the spring. However, borrowers who are still delinquent could prompt losses for investors.

The FHFA’s capital requirements include relatively harsh treatment of credit-risk transfer transactions from Fannie and Freddie but that view could change under the Biden administration.

Wall Street’s mind has been put to ease regarding an expedited conservatorship exit for Fannie and Freddie but concerns remain.

Fannie’s new REMIC election for its multifamily MBS will not change their basic structure. The asset will remain as a single-class pass-through security is-sued through a trust agreement.

Democrats said the Treasury’s decision to end the TALF facility at the end of the year was a political move to prevent the incoming Biden administration from stabilizing the economy.

Overall, Ginnie’s financial statements were represented fairly in all material respects, an independent auditor found.