There were two bright spots in the first quarter: Non-agency MBS issuance rebounded strongly and ABS production saw a solid gain. But agency single-family tanked again, as did CMBS. (Includes three data charts.)
No one likes to be asked to repurchase a mortgage that’s already been securitized. But are the GSEs playing too tough on buyback requests on performing loans? The issue has reached the FHFA.
Silicon Valley Bank failed after complications involving funding provided to the bank by the Federal Home Loan Bank system and the Federal Reserve. MBS holdings also played a role in the bank’s failure.
In a new book, James Lockhart, FHFA’s first director, outlines the events leading up to the conservatorship of Fannie Mae and Freddie Mac. More than a decade later, the events and debates are still relevant.
Information technology upgrades at Ginnie Mae can play a key role in helping transform the housing ecosystem, according to the agency’s chief information officer.
The MBS held by two failed banks will soon hit the market; specified pool trades hit record level in March; Fannie increases disclosures on multifamily MBS; LIBOR to live on in synthetic form.
Monthly business volume was up in March, and a handful of sellers grew their agency single-family production in an otherwise calamitous start to the new year. (Includes two data charts.)
Bank holding companies continued to grow their trading-account holdings of MBS and CMBS during the fourth quarter, although industry-leader Chase reduced its portfolio. (Includes data chart.)
It looks like the worst of the bank liquidity crisis could be over. And now questions are being asked: Why weren’t these banks hedged? And who bought their high-quality Treasuries and MBS?
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