A huge downturn in issuance of agency multifamily MBS was the key factor in a 23% decline in commercial mortgage securitization during the first quarter of 2019. Non-agency CMBS production saw a gentler 6% downturn.
PIMCO could raise $1 billion from an IPO for a newly-formed REIT, PIMCO Mortgage Income Trust, which will initially invest in agency MBS, followed by mortgage servicing rights.
Blockchain technology is making inroads in the MBS and ABS sector, though there are still a number of questions that need to be addressed, according to rating services.
Annaly Capital Management Corp. and AGNC Investment Corp. continued their MBS-hoarding ways during the first quarter but have had to deal with paper losses and negative hedging marks thanks to lower interest rates.
Improvements to the traditional sequential pay structure along with better standards are providing non-QM MBS investors with better protections than deals issued in the run-up to the financial crisis, according to DBRS.
Ginnie Mae has issued its first-ever security indexed to the Secured Overnight Financing Rate, the leading candidate to replace the decades-old London Interbank Offered Rate. The agency expects more SOFR-indexed issuance in the future.
Natural disasters are increasing in frequency, posing risks to investors in non-agency MBS, according to Moody's. Deals have some protections built-in for investors and rating services also take steps to shield investors from taking losses.
Late Thursday, the Senate voted to approve Mark Calabria as the permanent director of the Federal Housing Finance Agency by a vote of 53 to 44 along party lines. A few senators did not cast ballots. But don’t look for this free-market economist to quickly make radical changes to how Fannie Mae and Freddie Mac operate. The first thing to watch is whether Calabria allows them to build more capital…Non-QM lender Citadel Servicing Corp., Irvine, CA, originated $475 million in ...
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