Today’s reduced liquidity is here to stay because of increased regulation and the unprecedented dominance of the Federal Reserve in the agency MBS market, said the Urban Institute. The top five dealers were responsible for about 55 percent of agency-MBS transactions in 2006, but today’s top five account for approximately 80 percent, Urban Institute analysts said. According to Inside MBS & ABS estimates, the Fed held 27.3 percent of outstanding agency single-family MBS ...
The CMBS market is a few quarters away from seeing the post-crisis refinance wave crest at levels above $12 billion, which would be double the recent pace of conduit loan originations, according to a new report from Moody’s Investors Service. But other analysts wonder if pending risk-retention requirements, a rate hike surprise from the Federal Reserve or other unanticipated developments will put a damper on recently restarted new issuance. Regarding the former, ...
A New York state court dismissed two mortgage repurchase actions filed by the government against Morgan Stanley, while Bank of America agreed to another settlement related to non-agency MBS issued by Countrywide Financial. Last month, Justice Marcy Friedman of the New York Supreme Court dismissed two residential MBS lawsuits filed by the Federal Housing Finance Agency against Morgan Stanley ABS Capital I Inc. and Morgan Stanley Mortgage Capital ...
Single-family rental properties are still enjoying a downward trend in vacancies as well as low delinquencies, according to a new report from Morningstar Credit Ratings. However, with more leases set to expire in coming months, vacancy rates may begin to increase. “Vacancy rates have trended lower for the sixth consecutive month,” Morningstar analysts said in their new report. “However, we may see a reversal in this trend in the coming months, given ...
Two lenders are returning to the structured finance market in an uncommon way, participating in a $210 million mortgage warehouse securitization. The transaction involving agency originations received provisional AAA ratings from Moody’s Investors Service last week. Station Place Securitization Trust 2016-3 will be backed by a revolving pool of agency mortgages originated by Greentree Mortgage and loanDepot. The two lenders participated in a similar $225 million deal ...
Over half (51.1 percent) of VA loans securitized through Ginnie MBS in the first quarter of 2016 were retail originations, but only 39.1 percent of FHA loans came through that channel.
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