On the M&A front, a new report from Compass Point Research & Trading estimates that if PHH Corp. finds a way to sell its mortgage and fleet divisions, the stock should be worth $30 a share.
Among the changes, the two GSEs will no longer require that a lender automatically repurchase a residential loan when a mortgage insurance company rescinds coverage.
Overall, refi loans accounted for 45.7 percent of agency MBS production in the first four months of 2014, compared to 77.2 percent during the same period last year.
Non-QM mortgages will exist throughout the credit spectrum, according to Mitch Hochberg, a partner at Fenway Summer and general counsel at Ethos Lending, a start-up wholesale mortgage originator.
It’s now believed that the legislation will clear the committee, but Majority Leader Harry Reid will not allow it to move any further because of weak support overall.
Fannie Mae, Freddie Mac and Ginnie Mae issued a combined $67.1 billion of single-family MBS during April, a solid 23.6 percent increase from the previous month, according to a new analysis and ranking by Inside MBS & ABS. Agency MBS issuance has been in a prolonged downward spiral that started after a modest spurt in production in April 2013, when new issuance hit $153.6 billion, well more than double the volume in April of this year. The upside is that the volume of purchase mortgages coming into the agency market continued to build momentum through the peak home-buying season in 2013. The purchase-mortgage sector has become...[Includes two data charts]
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