The Structured Finance Industry Group has welcomed a recent court ruling that allows ABS investors to intervene in a case brought by the Consumer Financial Protection Bureau that aimed to hold securitization trusts liable for violations committed by servicers.
The average daily trading volume in agency MBS increased to $222.7 billion in October, the best reading since June, according to figures compiled by the Securities Industry and Financial Markets Association.
An involuntary bankruptcy of a $630.2 million collateralized debt obligation was dismissed late last week, prompting praise from the Structured Finance Industry Group. Investors in senior tranches of the CDO had sought the bankruptcy, which SFIG warned would have yielded negative consequences for the securitization industry.
Wells Fargo Bank last week agreed to a $43 million settlement with a group of institutional investors to resolve two class-action lawsuits related to certain legacy residential MBS that resulted in huge investor losses.
A new poll being conducted by Inside Mortgage Finance/IMFnews shows that 47 percent of lenders are contemplating originating non-QM mortgages in 2019...
Demand for non-agency products, including non-qualified mortgages, is growing among real estate investment trusts. A number of REITs have ramped up their investments in the non-agency sector, with some issuing mortgage-backed securities. Annaly Capital Management, the largest mortgage REIT, had $525.0 million in residential whole loans at the end of September, up from $392.0 million a year ago. The REIT didn’t disclose the total unpaid principal balance of its whole-loan holdings ...
The latest jumbo mortgage-backed security from JPMorgan Chase differs significantly from others deals issued by the company. The $459.3 million MBS is stocked with mortgages that have relatively high loan-to-value ratios. The average combined LTV ratio for loans in JPMorgan Mortgage Trust 2018-LTV1 is 86.2 percent and nearly every mortgage has an LTV ratio greater than 79.0 percent. The average combined LTV ratio on prime non-agency MBS issued in the third quarter of 2018 was ...
Strong demand in the secondary market for jumbo mortgages lifted Redwood Trust’s mortgage banking income during the third quarter even though the volume of loans it acquired declined. Redwood had $11.24 million in non-interest income from mortgage banking activities in the third quarter, up 5.9 percent from the previous quarter. The metric tracks Redwood’s loan aggregation and sales. The real estate investment trust’s jumbo conduit acquired mortgages with an unpaid principal balance ...
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