Fannie and Freddie are still on course to be recapped and released but fist a few things must occur: FHFA needs to create capital standards and then there's the investor road shows.
November was a so-so month for MBS trading as investors dumped bonds and bought stocks. Still, lending is strong, which should bode well for the creation of new agency securities.
Significant increases in securitization rates were recorded in the conventional-conforming, government-insured and nonprime markets. Relatively few jumbo loans are pooled in non-agency MBS. (Includes data chart.)
With the Dow Jones Industrial Average headed higher, more REITs are selling additional shares of common, striking while the iron is hot. Meanwhile, Invitation Homes is pulling out of Memphis.
The Fannie/Freddie JV in charge of the uniform MBS has a new CEO with a deep background in mortgage finance: Anthony Renzi. In early 2018, he was hired to run the day-to-day operations of Cenlar, the big kahuna of subservicing.
Rate-term refinances drove the modest increase in agency MBS issuance in November, especially at Fannie and Freddie. Ginnie production was down. (Includes two data charts.)
FSOC continues to focus on the risk posed by nonbanks, which are key players in the MBS market. But is the regulator worrying too much? Opinions differ.
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