A group of 15 top mortgage REITs increased its agency MBS portfolio by $20.9 billion during the second quarter of 2019, although non-agency MBS investment slipped modestly.
New issuance of credit-risk debt notes by the GSEs fell 25.5% sequentially in the second quarter, but surging MBS production in recent months will likely spur increased CRT activity in the second half of the year.
Mortgage-investing REITs continue to tap the equities market. And it’s occurring at an odd time: The Dow Jones Industrial Average is gyrating like a drunken puppet.
Noting strong demand for non-agency MBS, issuers are getting creative with the types of loans they package into deals. JPMorgan, Credit Suisse, Angelo Gordon and Goldman Sachs are all entering new sectors.
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