The securitization of income-property mortgages nosedived in the first quarter of 2017, with most of the downturn in the volatile non-agency sector, according to an Inside MBS & ABS analysis. A total of $48.29 billion of MBS backed by commercial properties was issued in the first quarter, down 27.7 percent from the previous period. Although production was down 6.1 percent from the same period in 2016, it was close to the average quarterly volume of $49.35 billion that the market has produced since the beginning of 2014. The average for the 2011-2013 period was just $32.00 billion. Average volume is...[Includes one data table]

Some of the slowdown in non-agency CMBS is likely due to lingering uncertainty about risk-retention requirements, which took effect at the end of 2016.

A Radian spokeswoman said the investigation “does not appear to be specific” to Green River Capital…

Some in the industry believe the GSE common shares are essentially worthless with the junior preferred falling into the category of being a speculative bet.

In 2012, the g-fee disparity fell to about 6 bps. By 2013 it was just about gone. And you can credit Ed DeMarco…

One GSE watcher called it, "The biggest company quarterly profit since the Roman Empire, adjusted for inflation of course.”

Invitation Homes also has unsecured warehouse loan agreements with its sponsor…

A former Fannie executive said it was always his belief the GSE charter allowed for multifamily financing but the idea was to fund “vertical” homes and not “horizontal.”

A proposal from a former high-ranking official at S&P Global Ratings to reduce incentives for rating shopping has been met with skepticism and resistance from officials at other rating services. Howard Esaki, the former global head of securitization research at S&P Global Ratings, and Lawrence White, a professor of economics, NYU Stern School of Business, recently published a proposal to reform the process for how rating services are selected to grade MBS and ABS. They said...

Fannie Mae and Freddie Mac multifamily lending is booming and hit a record high in 2016, but how long will that streak last? Some say the supply and demand dynamics are changing as developers rushed to build to meet a growing demand that may be leveling off some this year.Fannie ended last year having provided $55.3 billion in financing and support of the multifamily market. In 2016, Freddie financed $56.8 billion in loan purchases and bond guarantees. “Credit performance of the book of business was strong in 2016. The number of multifamily foreclosed properties held for sale remained low at 13 properties as of December 31, 2016,” reported Fannie.