The robust second quarter brought year-to-date agency MBS issuance to $562.02 billion, just 1.3% below the level reached in the first six months of last year.
Mortgages eligible for sale to the GSEs will account for 13.1% of the $353.4 million deal, which is more than double the share of GSE-eligible mortgages in the previous expanded-credit MBS from Redwood.
Some of the top expanded-credit MBS issuers – including Invictus Capital Partners, Angel Oak Companies, Lone Star Funds and New Residential Investment – issued one security each in the second quarter after bringing two deals each during 1Q19…
FHFA Director Mark Calabria on Bob Ryan: “Bob’s advice and counsel during my transition have been invaluable. I greatly appreciate his service at FHFA during the past five years and his role in helping ensure liquidity and funding for the nation’s housing finance system...”
Former Fannie Mae CFO Tim Howard says there is no economic reason the GSEs should hold capital comparable to large commercial banks. “Fannie and Freddie are not multi-product and multinational lenders. They are mono-line insurance companies, limited to a single asset type – residential mortgages – whose historical credit loss performance has been dramatically better than banks.”
How do you get out of a debt bubble? Answer: Raise taxes and cut spending, something U.S. politicians have been loath to do. Or you could print more money...
The collateral is largely similar to previous deals from Starwood, though the use of additional lenders helped reduce the average seasoning time and increase the dollar volume.
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