Some potential investors in new non-agency MBS insist that a deal agent or transaction manager is necessary to revive the non-agency MBS market. Some issuers are willing to include a deal agent in their securities, though the exact functions and pricing issues still need to be worked out. “Many potential buyers of residential MBS have a strong desire for improved transaction governance mechanisms such as the use of independent deal agents,” Moody’s Investors Service said in a report published late last week. The rating service recently held a meeting with investors, issuers and others involved in the non-agency MBS market. Moody’s said...
Wells Fargo reported an 11.7 percent increase in its conventional-conforming originations during the first quarter, but the company’s GSE loan sales fell 12.2 percent on a sequential basis – quite a differential.
The lender allegedly focused on profit and growth at the expense of loan quality and knew about the inefficiencies in 39 of its 125 branches, charges it denies.
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