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…
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…
All of the loans in the MBS were originated by LendSure Mortgage. Ellington owns a 45% stake in the lender and provides a warehouse line of credit to the firm.
The majority of expanded-credit MBS this year has been filled with Alt A loans that tend to have higher credit scores and are underwritten with alternative documentation.