The Fed will reduce its purchases of agency MBS more quickly than initially planned; the Senate confirmed Alanna McCargo as Ginnie Mae’s president; Parthenon Capital Partners will acquire a majority stake in Kroll Bond Rating Agency; KBRA raises concerns about non-agency MBS due diligence sampling practices; United Wholesale offers its first non-agency jumbo MBS.
Securitization rates drifted lower in the third quarter in most segments of the mortgage market, and primary-market originations of agency-eligible loans declined. (Includes data chart.)
The latest MBS from Blackstone includes non-agency mortgages for investment properties from various lenders. The firm’s pre-pandemic non-agency MBS were backed by loans from Finance of America.
The House passes legislation to help address legacy contracts for MBS and ABS tied to LIBOR; the SEC expands payment methods for various filing fees; transportation ABS is performing well despite supply chain issues.
UWM has its own non-agency MBS shelf, allowing the lender/servicer to directly issue deals. However, the company continues to contribute mortgages to non-agency MBS issued by others.
Non-agency MBS hit the market ahead of Thanksgiving; rating upgrades possible with new commercial MBS methodology at Moody’s; timeshare securitization performance stable; Fitch extends comment period for proposed criteria to rate shipping container ABS; California launches tobacco-settlement securitization.
Nearly $4.0 billion of non-agency MBS with mortgages for investment properties was on offer in the past two weeks. Many of the deals are backed by GSE-eligible mortgages.
Ocwen, which had plans to ramp up its clean-up calls of non-agency MBS, put the activity on hold following a pricing issue with Deutsche Bank, a trustee for the MBS.
RSS