The top contributor to the new jumbo MBS from FirstKey is CMG Financial with a 13.8 percent share. Cornerstone, Bank of Internet and Impac also provided product.
Fannie Mae and Freddie Mac and the government-sponsored enterprise model are flawed beyond repair, so expect comprehensive housing finance reform to remain stalled until lawmakers and the chief executive take action, according to the former head of the Federal Housing Finance Agency. Speaking at an American Enterprise Institute forum this week, former FHFA Acting Director Edward DeMarco, now a housing fellow at the Milken Institute, said the structure of the GSE conservatorships and the Treasury support agreement backing them requires Congressional intervention. “The answer to the question ‘what happens next?’ is...
Shopping for credit ratings is alive and well despite the laws and regulations that have been put in place to curb the practice, but so far credit rating agencies have not lowered their standards, according to Morningstar Credit Ratings. “Arrangers and issuers of structured debt continue to tightly control the selection of credit rating agencies,” Morningstar said in a recent analysis. But information quality and transparency fall short of investor expectations, and the general interests of the key stakeholders remain somewhat misaligned, the rating service said. Arrangers and issuers of residential MBS, non-mortgage ABS and commercial MBS continue...
Through the first nine months of 2014, Freddie Mac securitized $7.0 billion of re-performing and modified single-family loans, a figure that towers over its crosstown rival Fannie Mae. Since 2011, Freddie has issued roughly $12 billion in securities backed by re-performing loans. So what’s Fannie’s problem in this area? That’s hard to say. A spokesman for the government-owned mortgage giant said the company has yet to undertake any securitizations of formerly delinquent loans, and isn’t sure if or when it will. Then again, Fannie – unlike Freddie – has...
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