But all is not rosy. At JPM, mortgage servicing balances continue to decline and the bank’s executives expect production margins will compress as origination volumes diminish…
MBS backed by multifamily mortgage loans would be exempt from a proposed rule that would establish margining requirements for multifamily agency finance. Had it been implemented as originally proposed, the rule would have amended the Financial Industry Regulatory Authority’s Rule 4210 to establish margin requirements in the single-family “to-be-announced” (TBA) market. At the same time, it would have also scoped in the multifamily housing programs of Fannie Mae and FHA/Ginnie Mae, according to the Mortgage Bankers Association. FINRA filed...
The average daily trading volume for agency MBS fell to a yearly low of $149.2 billion in December, as trading desks from coast to coast continued to assess how to make money in what’s become a business of tight profit margins. Late this week, Barclays Bank unveiled a massive restructuring of its MBS and whole-loan trading business, cutting the number of employees in the division – including traders – down to 50 from roughly 100. As a structural matter, the bank is moving...
Four of the top five ABS issuers in 2015 were closely linked to the auto industry, including the most productive issuer in the market, Ford Motor Credit.
An ugly reality for land owners, mortgage lenders and others: the National Flood Insurance Program is currently $23 billion in debt and in dire need of reform.
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