Interest rates keep falling but has a trough been reached? And if so, have REITs been bottomfishing in conventional MBS? Also, what’s the outlook for 2023 in terms of capital raises?
The Securities and Exchange Commission has delayed implementation of a disclosure rule the industry feared would compromise the ability of many issuers to access the 144A market.
KBRA said that third-quarter MBS issuance volume didn’t meet its expectations and will drop rapidly in the coming year. Meanwhile, both DBRS and Moody’s noted that performance is stabilizing.
Daily MBS trading has been on the rise since April, a positive sign. It seems some investors are willing to buy and hold, but fear over what the Fed might do next rules the roost.
Since the beginning of quantitative tightening in June, the Federal Reserve has been able to shed less than 20% of the agency MBS it had planned by this date.
Another bank is poised to depart as a Ginnie servicer, this time in the multifamily sector. Say goodbye to Midland States, which is off-loading $2.3 billion in Ginnie MF MSRs.
New York-based Basis Multifamily Finance becomes the first minority/women-owned business enterprise in Fannie Mae’s Delegated Underwriter and Servicer Program.
The Federal Reserve hiked rates by another 75 basis points. But Chair Jerome Powell said the time to begin selling the Fed’s MBS holdings “is not close.”
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