The two largest REIT investors in the MBS market added a combined $22.8 billion of agency MBS to their portfolios in the first quarter, boosting the industry to a record $308.1 billion in residential mortgage securities investment.
The firm this week postponed a $1 billion IPO for a new REIT that will purchase MBS and related assets. Down the road, the REIT likely will dip its toe in the non-QM pond as well.
So, you thought it was safe to re-enter the Ginnie Mae market? Maybe, maybe not. VA loan churning could be an issue again and federal investigators are asking questions about underwriting practices and delinquencies. Subpoenas have been issued.
PIMCO could raise $1 billion from an IPO for a newly-formed REIT, PIMCO Mortgage Income Trust, which will initially invest in agency MBS, followed by mortgage servicing rights.
The specter of rising interest rates for commercial real estate debt subsided in the first quarter even as the credit quality of new commercial MBS remained stable, Moody's said.
Annaly Capital Management Corp. and AGNC Investment Corp. continued their MBS-hoarding ways during the first quarter but have had to deal with paper losses and negative hedging marks thanks to lower interest rates.
Ginnie Mae has completed liquidity talks with its 14 largest nonbank issuers, but has yet to say what transpired during the meetings. But all that could change when the agency hosts its annual summit in June.
Quicken Loans and United Shore Financial Services ranked as the top two agency MBS producers in April, dumping the market's long-time leader, Wells Fargo, into third. The megabank still ranked number one on a year-to-date basis.
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