So, you thought it was safe to re-enter the Ginnie Mae market? Maybe, maybe not. VA loan churning could be an issue again and federal investigators are asking questions about underwriting practices and delinquencies. Subpoenas have been issued.
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.
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