A solid increase in non-agency commercial MBS issuance during the second quarter of 2014 provided most of the lift in new income-property securitizations, according to a new Inside MBS & ABS market analysis. A total of $36.69 billion of commercial mortgages were securitized during the second quarter, up 16.1 percent from the first three months of the year. At the midway point in 2014, new CMBS issuance remained 24.7 percent behind the heady levels recorded over the same period last year, which ended up being the market’s highest point since the financial crisis. Fannie Mae, Freddie Mac and Ginnie Mae saw...[Includes two data charts]
At the midway point this year, agency multifamily issuance was off 36.9 percent from the first half of 2013, and production was essentially flat in the second quarter.
The immediate future is looking mostly bright for publicly-traded real estate investment trusts that toil in the commercial real estate sector – that is, as long as origination volumes remain healthy. Several high-profile commercial REITs – including Starwood Property Trust, Colony Financial and Ladder Capital – do not report second quarter results until next week, but hopes are high that earnings will be mostly positive. One commercial REIT that did report this week was...
Standard & Poor’s said it is working with the Securities and Exchange Commission to address issues raised by the enforcement staff in connection with botched ratings of several commercial MBS transactions in 2011. A spokesperson for S&P said the rating agency and its parent company, McGraw Hill Financial Inc., are cooperating with the SEC after receipt of a “Wells Notice” last week indicating both companies may soon be the target of a regulatory enforcement action. The SEC notice is...
Next week, Nationstar Mortgage reports its second quarter results. If the company misses the targets set by investment bankers, it could be a blood bath…
Among the nation’s top five servicers, all suffered a decline in their MSR portfolios. Among the top 30, 20 firms saw a reduction in housing receivables.