July pushed year-to-date issuance to a stunning $1.512 trillion. The market is on track to top $2.5 trillion by the time 2020 is over, which would smash the current annual record of $2.130 trillion set in 2003.
Apartment dwellers must be given the “flexibility” to repay back rent over time. However, the new guidance shouldn’t be interpreted by tenants as a get-out-of-jail-free card. As FHFA Director Mark Calabria put it: “If tenants are able to pay their rent, they should continue to do so.”
With FHA late payments accelerating in the wake of the coronavirus pandemic, all eyes turn to the financial health of the Mutual Mortgage Insurance Fund. Is it time to worry?
A big problem: For one non-QM MBS, dv01 identified 233 loans that are actively modified while the trustee reported only 41 and the master servicer reported 74.
The deal received preliminary AAA ratings from Moody’s Investors Service and S&P Global Ratings, with credit enhancement of 13.75% on the senior tranche.
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