The $302.8 million transaction is comprised of fully collateralized excess-of-loss reinsurance coverage from Triangle Re on a portfolio of existing MI policies written this year.
The novelty of prepayment as a primary risk factor is one of the charms MBS have for foreign investors, particularly sophisticated institutional investors. That’s because it has a relatively low correlation factor with other assets.
The market for MBS with non-qualified mortgages is growing by leaps and bounds. However, there is some skepticism about whether there’s enough demand to support $50 billion in annual issuance.
Kevin Keyes, CEO of Annaly Capital Management since September 2015, abruptly parted ways with his employer without much in the way of explanation. The REIT’s shares continue to trade in a tight price range.
Deal volumes in the non-agency MBS market are elevated as issuers work to meet investor demand. Angel Oak, Chase and Invictus are bringing large deals and more issuance is in the pipeline.
In another example of a REIT branching out, Starwood Property Trust has agreed to purchase a licensed lender/servicer. For now, all parties are mum but more deals may be afoot.
The changes outlined to boost funding for Ginnie Mae servicing rights could bring the agency closer to the market for MSRs on GSE loans, according to industry stakeholders.
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