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Home » Topics » IMFnews » Secondary/MBS

Secondary/MBS
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Galton Increases Non-QM Share in Forthcoming MBS

November 13, 2019
Brandon Ivey

The shift in loan type prompted higher credit enhancement: 26.8% on the senior tranche...


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VA Warns Lenders on Fast Prepays, Threatens Action

November 13, 2019
Paul Muolo

“The purpose of this letter is to notify you of our findings, outline VA’s expectations regarding your efforts to cure noncompliance, detail what actions you might take and inform you of the actions VA will take if your curative efforts fail to bring the loans into compliance,” the correspondence reads…


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Short Takes: A Buyer for Luxury Mortgage / Founded by David Adamo / Keeping an Eye on the 10-Year / PennyMac’s $100M Expense / SFA Has a New Research Chief

November 12, 2019
Paul Muolo

Luxury Mortgage was founded in 1996 and is currently headed by CEO David Adamo. Years ago, there was a company with a similar name headed by Michael Covino…


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REIT Sees Opportunity in Non-Agency Multifamily MBS

November 12, 2019
Brandon Ivey

REIT CEO Ivan Kaufman said Arbor developed the program in response to concerns that the Federal Housing Finance Agency was going to reduce the cap on how much multifamily volume the GSEs are allowed to acquire…


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SEC Seeks to Boost ‘Registered’ Non-Agency MBS Deals

November 11, 2019
Brandon Ivey

Before the financial crisis, the “overwhelming majority” of non-agency MBS fell into the publicly registered category. But after the SEC issued wide-ranging changes to disclosure requirements in 2014, there has been no public issue of non-agency MBS whatsoever…


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Ginnie Sets New Record for Monthly MBS Issuance

November 11, 2019
John Bancroft

October was also unusual because the flow of VA loans into Ginnie MBS exceeded the intake of FHA loans. That’s the first month of VA supremacy over FHA since the beginning of 2017 and perhaps in Ginnie’s history.


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What We’re Hearing: Fannie Sounds Unhappy Regarding FHFA’s Pay Restrictions / Losing Mayopoulos / A Blend IPO? / Fannie Doesn’t Like Restrictions on Volume Discounts / A Nice Rate for Sachem

November 8, 2019
Paul Muolo

In the same 10-Q filing, Fannie makes it clear that it does not like one bit the prohibitions the FHFA has placed on its ability to offer volume-based pricing discounts to its seller/servicers. It also chafes at the notion of “similar restrictions" and being forced to operate a cash window for small lenders...


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Thanks to Refis, October Agency MBS Issuance Hits Peak for the Year

November 8, 2019
John Bancroft

PennyMac Financial Services was the most active seller-issuer in October with $15.73 billion. Quicken Loans was close behind at $14.10 billion…


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About Those GSE Volume Discounts…

November 8, 2019
Dennis Hollier

The GSE regulator said later on he found out that “lender A and lender B” were getting a different set of terms…


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Short Takes: In Praise of Current GSE Management / Sharp Elbows When it Came to Lobbying / Awaiting a Revival? / One is the Loneliest Number (Stock Analysts) / New MBS from Redwood, New Rez / Stearns Exec Finds New Job

November 6, 2019
Paul Muolo and Brandon Ivey

If Fannie and Freddie are in fact released from conservatorship will they quickly rebuild their lobbying shops?


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