A new private activity bond will fund construction of tolled express lanes near Washington, DC. Toll revenues on similar bonds have been strong and rating services affirmed BBB ratings on outstanding issuance.
Grapevine: Declining interest rates can cause MBS investors to fret over prepayment speeds, but several players are using the reduction to sell debt, issue new stock and engage in buyback programs.
It's not everyday that an MBS-investing REIT weighs in on GSE reform, but then again, Annaly Capital Management isn't just any REIT — it's the nation's largest. Bottom line: Annaly wants more MBS guarantors.
Deer Park Road Management Company was fined for undervaluing non-agency MBS in a hedge fund. The action is aimed at discouraging artificially smooth performance reporting.
Pretium Partners, the creation of former Goldman Sachs executive Donald Mullen, has agreed to buy non-QM MBS issuer Deephaven Mortgage for an undisclosed sum. Market watchers believe more acquisitions may lie ahead for Pretium.
FHFA Director Mark Calabria continues to push for the mortgage market to have multiple guarantors to compete against Fannie Mae and Freddie Mac. But Moody's believes there are huge risks in such an endeavor.
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