Securitization rates increased for GSE-eligible loans, government-insured mortgages and non-agency mortgages. While bank demand for jumbos is declining, the vast majority of the loans don’t go into MBS. (Includes data table.)
Proposed capital requirements for large banks would create “perverse incentives” for banks regarding securitization activity, according to a new analysis by the Securities Industry and Financial Markets Association.
CalCon Mutual Mortgage plans to issue a $576.2 million non-agency MBS with mortgages eligible for sale to the GSEs. It will be the first non-agency MBS from the issuer.
The SEC has finalized a rule prohibiting certain conflicts of interest in the securitization market. Industry participants are largely happy with changes in the final version of the rule.
The red-hot vehicle ABS market saw intense competition between S&P and Fitch for ratings supremacy. Kroll rode the resurgent ECM MBS market to boost its share of rated issuance. (Includes two data tables.)
Hildene Capital Management formed a “strategic relationship” with CrossCountry Mortgage in late 2022, with the lender delivering non-QMs to the asset manager for securitization.
With mortgage rates declining of late, sellers of non-QM collateral might see better prices in the secondary market. Then again, the optimism may be too early, one trader advised.
Securitization tied to financing acquisitions of MSRs dwindled in the past year, but banks are still providing financing to nonbank MSR buyers through loans.
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