Freddie Mac recently confirmed that it will provide indirect financing of $51.3 million to Reven Housing REIT, a publicly traded company that owns and manages 824 single-family rental units.
The CEOs of Fannie Mae and Freddie Mac – one recently departed, the other soon to leave – told attendees at this week’s annual convention of the Mortgage Bankers Association that a number of good things came out of the 10-year conservatorship of the two government-sponsored enterprises.
The characteristics of MBS backed by reperforming and nonperforming loans are evolving as the housing recovery ripens. The supply of NPLs is declining while RPL MBS issuance looks to remain stable in the coming years, according to industry participants.
The FHFA IG says "a number" of director positions at Fannie and Freddie are set to expire: "Changes in leadership can lead to a lack of attention to internal controls..."
Wells Fargo was set to price its first post-crisis jumbo mortgage-backed security this week, marking a significant occasion for the sector. Wells is the largest originator of jumbo mortgages and the bank has been holding production in portfolio instead of issuing non-agency MBS. Company officials note that the $441.3 million Wells Fargo Mortgage Backed Securities 2018-1 Trust is in part a test of the MBS market by the bank. The deal is scheduled to close on Oct. 25. MBS issuers generally can't ...
Top-notch ratings assigned by three firms to a non-agency mortgage-backed security from Galton Funding prompted criticism from Fitch Ratings, which didn’t rate the issuance. The planned $452.7 million Galton Funding Mortgage Trust 2018-2 diverges from traditional non-agency MBS in its treatment of unpaid interest from delinquent mortgages. Fitch suggested that the change to the deal structure was so significant that it wouldn’t rate the transaction. Fitch noted that losses from unpaid ...
New Residential Investment is set to issue its first mortgage-backed security with non-qualified mortgages. The home loans were originated by New Penn Financial, a lender that New Residential acquired in July. DBRS and Fitch Ratings assigned preliminary AAA ratings to the planned $310.7 million New Residential Mortgage Loan Trust 2018-NQM1. The deal will include credit enhancement of 32.2 percent on the senior tranche. Mortgages backing the deal have an average loan age of ...
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