The Senate Committee on Appropriations last week unanimously approved legislation setting aside $40.2 billion in discretionary funding for the Department of Housing and Urban Development for fiscal 2018. The Senate HUD appropriations bill passed by a vote of 31-0 and, like the House version, did not include authority for HUD to charge a fee to cover FHA’s administrative costs and systems upgrades as proposed in the Trump administration’s budget request. Rather, both bills set aside $130 million for administrative expenses with the House adding another $5 million for technological improvements. In addition, the committee recommended...

The biggest surge was in non-agency securitization of mortgages on hotels and other lodging properties, which jumped 88.7 percent from the first quarter.

New issuance of MBS backed by income-property mortgages during the second quarter rebounded from a lull in early 2017, according to a new analysis by Inside MBS & ABS. A total of $51.03 billion of commercial mortgages were securitized in the second quarter, a gain of 12.1 percent from the first three months of 2017. That brought year-to-date commercial MBS issuance to $96.54 billion, 12.4 percent ahead of the pace set in 2016. But CMBS production was...[Includes one data table]

Loans collateralized by multifamily properties experienced the biggest increase in the delinquency rate among commercial property types during the month of June, rising 133 basis points to 4.10 percent, according to a new CMBS report from Moody’s Investors Service. But it may not be as bad, sector-wise, as it appears at first glance. “The difference was due mainly to two newly delinquent loans, both multifamily portfolios in the MLMT 2007-C1 transaction,” explained Kevin Fagan, a vice president and senior analyst with the ratings service. “Assuming these loans were current, the multifamily delinquency rate for June would be 2.57 percent.” Delinquency rates increased...

The House Financial Services Committee agreed to make key changes to flood insurance reform legislation clearing the way for industry groups to endorse the bill. The committee’s most recent draft includes provisions that would retain “grandfathering,” a policy that protects policyholders from significant rate increases when the Federal Emergency Management Agency periodically revises its flood maps, and allow federal flood insurance coverage of new homes built in 100-year floodplains. The committee also proposes...

A housing crisis in America? Maybe the Russians can help...

In a somewhat uncommon move, Progress increased a planned issuance after presale reports on the deal were already published.

It was the slowest agency refi market since the third quarter of 2014…

PennyMac and Credit Suisse are revising two master mortgage repurchase agreements to increase the lender’s funding capacity for new loan originations and purchases of mortgage servicing rights, the company disclosed in a recent filing with the Securities and Exchange Commission. In June, PennyMac agreed to revised terms of its master purchase agreement to increase temporarily the maximum committed purchase price to $943 million from $700 million. The amended agreement allows...

This spring, Fannie provided Invitation Homes with a $1 billion financing vehicle, which gave the real estate investment trust a cheaper cost of funds than tapping the MBS market.