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Short Takes: Strong Earnings for Arch / More Subprime MBS Deals May Hit the Market / A New Loan Program from Citadel / CFTC Issues No Action Letter

February 14, 2017
Paul Muolo and Brandon Ivey
In the nonconforming market, Citadel Servicing Corp., Irvine, CA, has just rolled out a new 12-month bank statement loan program…
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Lawmaker Seeks Clarity on CFPB’s Compliance with Trump’s Regulatory ‘Freeze’ Memo

February 14, 2017
Thomas Ressler
The subcommittee chairman notes: “Therefore, I was surprised by your public hesitancy last week to affirm that the president’s regulatory freeze applies to the CFPB…”
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As Rates Rise, MBS Liquidity Improves. The Wild Card: the Fed’s Plan to ‘Lighten’ Its Balance Sheet

February 14, 2017
Paul Muolo
Agency MBS trading volumes peaked back in 2008 – the height of the financial crisis – at $344.9 billion daily.
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Inching Up Ever So Slightly: The Percentage of GSE Loans With Lower Credit Scores

February 14, 2017
John Bancroft
The apparent easing of credit terms in the Fannie/Freddie market has been moving at a glacial pace…
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Blackstone Invests in B2R Finance, Then Buys Fix & Flip Lender Jordan Finance

February 14, 2017
Paul Muolo
Mark Filler, who founded Jordan and served as its CEO, was named president of Finance of America Commercial.
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Another New Entrant to the Nonprime MBS Market: Galton

February 14, 2017
Brandon Ivey
Mariner is an investment advisor that manages roughly $13.5 billion in assets...
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Short Takes: Mark Calabria, a Player in GSE Reform? / Don’t Worry, Commercial Banks Will Fill the Void / What’s an ‘Excess Reserve’ To Do? / Fed Governor Tarullo Calls it Quits

February 13, 2017
Paul Muolo
The Cato Institute is a conservative think tank and a quick read of Calabria’s blog makes it sound like he favors getting the government out of the MBS guaranty business...
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Are GSE Loan Sellers Finally Easing up on Credit Standards?

February 13, 2017
John Bancroft
In the purchase market, GSE sellers appeared to reach to qualify more borrowers…
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JPMorgan Readies Large Non-Agency MBS Including Many Conforming Jumbo Mortgages

February 13, 2017
Brandon Ivey
Contributors to deal include Quicken Loans and United Shore Financial Services, both top-ranked nonbank originators...
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Can Walter/Ditech Find a Path Forward?

February 13, 2017
Paul Muolo
Institutional investors tend to avoid any stocks that are priced below $5 a share. At press time, Walter’s stock was trading at $3.40.
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