Over $60 billion of new CLO issuance came to market in the second quarter of 2021, along with a whopping $70 billion in refinance and restructuring activity. (Includes two data charts.)
With Fannie’s Connecticut Avenue Securities on ice for over a year, the supply of single-family credit-risk transfer debt in the market has declined significantly. (Includes data chart.)
Although 30-day delinquencies were up, Fannie, Freddie and Ginnie all saw significant declines in the number of loans two- and three-payments past due. (Includes data chart.)
Jumbo mortgage originations were up in 2020 but most production remained on the lenders' books. Direct sales of conventional loans to non-agency securitizers also fell. (Includes data chart.)
REIT industry holdings of agency MBS have climbed 8% higher than they were when COVID forced many firms to shrink, but investment in non-agency MBS remains depressed. (Includes data chart.)
Freddie had one of its busiest quarters ever in issuance of new STACR credit-risk transfer securities in the first quarter of 2021. Fannie remained out of the market. (Includes data chart.)
Mortgage banking firms have been emulating some of their customers by taking advantage of rock-bottom rates to borrow as much as they can. Should anyone be worried?
The GSEs reported a modest decline in net interest income, which includes earnings from MBS guarantee fees. The surge in g-fee income from the adverse market fee implemented in December will be spread over the expected life of the loans. (Includes data chart.)
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