Banks will no longer have to meet extensive disclosure requirements for their MBS deals to receive investor-friendly protections. The change was met with criticism from an Obama appointee to the FDIC’s board.
Radian has pulled the plug on its experiment in the due diligence arena by selling Clayton Services. The unit’s new owner, Covius, is bullish on its prospects.
Six non-agency MBS backed by newly-originated mortgages have been introduced since the beginning of the year. Issuance is ramping up after a slow December.
REITs with non-agency operations look attractive to stock analysts as the Trump administration works to decrease the footprint of the government-sponsored enterprises. REITs cited as “top picks” include Ellington, New Residential and Starwood.
Velocity Financial, an active securitizer of nonprime mortgages, is ready for its maiden voyage in IPO land. One thing is for certain: Very few such firms are public.
The year is young but already MBS and ABS deals are being prepped. Meanwhile, the mortgage market is waiting to see the FHFA’s capital proposal for Fannie and Freddie.
Its collateral has been performing well, but questions have been raised about Sterling Bank’s non-QM effort. For now, the program has been suspended but the depository is vowing a return.
Provident Funding is set to issue a non-agency MBS with standard mortgages eligible for sale to the GSEs. An affiliate of Cerberus is also planning a relatively large deal backed by seasoned mortgages.
The market for MBS with non-qualified mortgages is growing by leaps and bounds. However, there is some skepticism about whether there’s enough demand to support $50 billion in annual issuance.
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