The deal comprises fully collateralized excess-of-loss reinsurance coverage for MI policies written from July 2019 through March 2020.

Extensions on loans in auto securitization deals declined in May after peaking in April. The outlook on loan performance is uncertain.

The New York Federal Reserve purchased $9.81 billion in agency MBS on Monday and Tuesday, in addition to $22.89 billion bought last week. It’s been nearly three weeks since it sold any of its MBS holdings.

Former Ginnie President and current PennyMac Director Ted Tozer thinks so.

The REIT’s plan to terminate its management agreement with PRCM “for cause” would let it off the hook from paying a $144 million termination fee. But PRCM isn’t going down without a fight.

The net asset value of the Blackstone Real Estate Income Fund dropped by 24% to $443 million as of March 31 from $584 million at the beginning of the year.

With rates at rock bottom, LendingTree is selling $500 million worth of short-term corporate paper. Not bad for a loan broker.

By examining how well LIBOR has correlated over time with actual bank funding costs, Federal Reserve economists have demonstrated the London rate is no better at this task than risk-free rates like SOFR.

Look for originations and securitizations to thrive the rest of the year. As for 2021, the non-QM market could be strong.

The average daily trading volume in MBS continues to head south as new creation proliferates and investors worry about the Dow blowing up again.