A New York appeals court last week revived Assured Guaranty Corp’s claims for damages in its lawsuit against Credit Suisse Group AG concerning $1.8 billion in residential MBS. New York’s Appellate Division, First Department, unanimously reversed a trial court’s decision dismissing Assured Guaranty Municipal Corp.’s claims for rescissory and consequential damages in an action against Credit Suisse. Assured filed...
Greater standardization and transparency is needed to overcome the impediments to growing a new issue, non-agency MBS market, according to Michael Stegman, housing finance policy adviser to Treasury Secretary Jacob Lew. In remarks this week at the JP Morgan Securitized Products Research Conference, Stegman said lack of housing finance reform, lingering distrust among non-agency securitizers, lack of product and the trauma of heavy losses have stunted the growth of the market. The lack of reform of the government-sponsored enterprises should not become...
A few weeks back, Rep. Mark Takano, D-CA, called for Congressional hearings on the single-family rental MBS market, singling out investments made by the Blackstone Group.
Fannie Mae and Freddie Mac issued $44.6 billion in single-family mortgage-backed securities during the month of February, a 5.1 percent monthly decline and a 62.0 percent drop for the first two months of 2014. February’s decline was less steep than January’s 15.8 percent month-to-month fall off in MBS. Top-ranked Wells Fargo’s Fannie and Freddie securitization at $6.70 billion rose by 25.9 percent on a monthly basis but dropped 71.9 percent year-to-date.
Loan correspondents and mortgage brokers continue to play a major role in the agency mortgage market, accounting for 42.9 percent of loans securitized by Fannie Mae, Freddie Mac and Ginnie Mae in 2013, according to a new Inside Mortgage Trends analysis. Correspondents accounted for most of the third-party originations securitized by the agencies, and Wells Fargo was the top producer of these loans. Just over half of the loans sold by Wells were ... [Includes one data chart]
Investors at private equity firms told IMFnews that they believe Lawsky is using the DFS as a “bully pulpit,” paving the way for a possible run for public office.
Non-agency mortgage lending staged a minor revolt in 2013, reversing two years of increasing domination of the market by Fannie Mae, Freddie Mac and Ginnie Mae. The only growth spots in the mortgage market last year were in jumbo originations and home-equity lending, according to a new ranking and analysis by Inside Mortgage Finance. Jumbo production surged 20.9 percent from 2012 levels to an estimated $272 billion – the strongest output for the sector since 2007. Home-equity lending was...[Includes two data charts]
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