Will the last federally insured depository in wholesale lending please turn off the lights when it leaves? After buying MUFG Union, U.S. Bank is pulling the plug on Union Bank’s loan broker business.
When times get tough, the smart money starts to find ways to save money any way it can. If you’re SFR REIT Invitation Homes, prepaying an outstanding MBS is one way to go.
The tide may be turning for MBS-gobbling real estate investment trusts. If you’re an investor looking for a buy-low, sell-high trade, this may be it. That is, as long as rates don’t reverse course and head higher. Meanwhile, it’s almost a year since SoFi became an FDIC-insured bank.