A Third Circuit appeals panel held that owner trustees are not responsible for residential MBS losses, given their limited duty under governing contracts.
The trading volume was decent during April but paled in comparison to most other months this year. Meanwhile, investors are worried about the usual: declining interest rates and prepayment rates. And a new wild card has emerged: A possible rate cut by the Fed.
Liquidity does not appear to be a cause of concern for the secondary market agency’s top nonbank issuers despite differences in how liquidity issues are addressed from firm to firm.
FHFA Director Mark Calabria has vowed not to monkey with the 30-year FRM or lower loan limits in high-cost states like California. Still, certain stakeholders worry he may try to adjust other areas of businesses.
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.
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