Big increases in securitization of office-property and industrial mortgages lifted non-agency CMBS issuance to $21.9 billion in the first quarter, a 68.6% increase from the prior period. (Includes two data tables.)
Rocket’s originations and secondary market sales of home equity loans are flourishing without the GSEs. It’s also not yet clear how large of a role the GSEs would have in the market for closed-end second liens.
With Freddie finally increasing its STACR issuance in the first quarter, the GSEs’ slump in CRT activity could be abating. Older deals continue to be retired in a steady stream of tender offers by the enterprises. (Includes data table.)
In a ruling last week, the Third Circuit didn’t seem to agree with a district court that Commerzbank is contractually barred from bringing claims against trusts for agreements with no-action clauses.
Farmer Mac President and CEO Brad Nordholm said he expects to see more business as lenders serving the rural market seek to manage their capital efficiencies, loan and deposit growth, and liquidity needs.
Ginnie seeing strong demand from foreign investors; non-QM demand particularly strong in MBS market; McCargo lands at Federal Home Loan Bank of San Francisco; CMBS downgraded.
All three agencies saw increases in monthly loan deliveries in April, with loan mods helping to boost Fannie to a 17.4% gain from March. The purchase market and cash-out refi remain strong. (Includes two data tables.)