Banks were the top nine jumbo lenders, led by Wells Fargo with $41.49 billion in originations, accounting for a healthy 15.8 percent of all jumbo lending.
However, the CFPB official said the no-action letters would not give a requesting entity an exemption from complying with any statutory or regulatory rules.
Analysts at Bank of America Merrill Lynch are predicting a solid fourth quarter for jumbo MBS, enough to bring the total for 2014 up to about $8.0 billion when the year is over.
Thanks to a heavy supply of scratch-and-dent deals and a rebound in jumbo mortgage securitizations, new issuance in the non-agency MBS market jumped by 57.4 percent in the third quarter of 2014, according to a new Inside MBS & ABS analysis and ranking. A total of $8.99 billion of non-agency MBS were issued during the third quarter, a major increase from the $5.71 billion issued in the previous three-month period. Year-to-date issuance was still off 27.3 percent from the first nine months of 2013, and it is doubtful that annual volume this year will top 2013’s total when the year is over. Issuance of prime non-agency MBS in the third quarter was...[Includes three data charts]
A federal judge in New York has cleared the way for investors to proceed with a $10 billion class-action suit against JPMorgan in relation to the 2007 sale of non-agency MBS. Judge Paul Oetken of the U.S. District Court for the Southern District of New York, however, limited the scope of the class-action suit to JPMorgan’s liability but did not certify as to damage. Explaining his decision to narrow the scope of the suit, Oetken said...
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