Redwood CEO Chris Abate: “Our game plan in the third quarter was a bit unconventional – we ran an up-tempo offense, squarely in the face of mortgage market headwinds.”
Increasingly worried about the liquidity of its largest nonbank issuer/servicers, Ginnie Mae is telling this select group of companies to come up with a plan to address what an agency spokesman characterized as “eventualities.” (Includes one data chart.)
Nierenberg, a former Bear Stearns executive, stressed that New Residential is going to be relatively conservative with its underwriting standards for non-QMs.
Jumbo and nonprime MBS production is having its best year since the financial crisis but growing pains are clear, according to experts at the Residential Mortgage Finance Symposium sponsored by the Structured Finance Industry Group in New York this week.
Originations of fix-and-flip bridge loans have increased significantly in recent years and the collateral could soon be included in MBS with credit ratings. A handful of unrated deals backed by the loans have been issued with limited notice.
RSS