In 2018, the GSE capital buffer falls to zero dollars. Zilch. Nada. Hopefully by then, President Bush or President Clinton will have worked out a GSE reform deal with Congress…
Credit enhancement levels for commercial MBS increased in the last quarter of 2014, which could lead to higher credit-support requirements for 2015 CMBS deals, according to Fitch Ratings. “The rating agencies are increasing credit enhancements on each tier of the CMBS bonds being offered because the underwriting has become more aggressive or the collateral is weak,” said Stephen Renna, president and CEO of the CRE Financial Council (CREFC), an industry trade group. The requirement for more credit support on the conduit deals shows...
AAMC said that while at BofA, Ellison was “the executive leading the team that managed the valuation and disposition of Bank of America’s legacy mortgage loan portfolio.”
The Securities and Exchange Commission’s update to Regulation AB won’t prompt many issuers to change whether they issue deals in the public market or private market, according to industry participants. After the so-called Reg AB2 takes effect, issuers of SEC-registered MBS and ABS will have to disclose more information. The regulation includes an exemption for 144A private placements, which could provide a way for issuers to avoid the SEC’s disclosure requirements. At the recent ABS Vegas conference sponsored by the Structured Finance Industry Group and Information Management Network, many issuers indicated....
pmuolo@imfpubs.com Fannie Mae posted a net profit of $1.3 billion in the fourth quarter, a 66 percent decline sequentially, blaming the earnings downdraft on a reduction in the fair value of its derivatives. The GSE “derivative problem” also plagued the fourth quarter results of Freddie Mac, which reported a slim profit of $227 million after writing down its derivatives by $3.4 billion. …
Warehouse commitments written by commercial banks reached approximately $33 billion at yearend, according to figures compiled by Inside Mortgage Finance – one of the healthiest readings in several quarters and a sign that all is well in the originations market. The only thing bothering most warehouse managers is how long the good times can last. “There is...[Includes one data chart]
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