Mall Bankruptcy Ends With Largest CMBS Loss Since ‘09 June 23, 2022 Dennis Hollier The $74 million loss on a commercial MBS conduit loan lines the pockets of investors, like Carl Icahn, who have shorted brick-and-mortar retail.Read More
Is This What Balance Sheet Reduction Looks Like? June 23, 2022 Dennis Hollier The Fed was supposed to begin letting assets roll off its balance sheet starting June 1. So far, there’s been little change.Read More
New Residential Ditches External Management June 23, 2022 Dennis Hollier Analysts agree that bringing management in-house is a long-term positive but differ on whether it improves value in the short run.Read More
Fannie, Freddie Impose Fees on Certain Resecuritizations June 22, 2022 Dennis Hollier The motivation for the fee is still somewhat fuzzy...Read More
Short Takes: Profit Advice / Doing the Math / Company Bond Prices? (Many Below Par) / No Bid for MBS? / A Changing of the Guard at DocuSign June 21, 2022 Paul Muolo and Dennis Hollier No relief for company bond prices as well...Read More
Mixed Response to GSEs’ Equitable Housing Finance Plans June 17, 2022 Dennis Hollier GSE insiders worry litigation over race-based housing assistance will undermine the enterprises’ equitable housing finance plans.Read More
Fannie, Freddie Impose Fees on Certain Resecuritizations June 17, 2022 Dennis Hollier The new 50-basis-point upfront fee is intended to offset the cost of capital each enterprise is required to hold for guaranteeing the collateral of its competitor.Read More
GSE Pilot Programs Resurface with Equitable Housing Finance Plans June 17, 2022 Dennis Hollier FHFA chief Sandra Thompson made it clear she is open to a more expansive use of pilots...Read More
ABS/MBS Investors Want Competitive Credit Score Models June 17, 2022 Dennis Hollier An industry survey commissioned by VantageScore shows more support for a FICO alternative than previously thought.Read More
Fannie Introduces New Index for Prepayment Activity June 17, 2022 Dennis Hollier MBS investors will now have access to 18 years of refinance and prepayment data derived from Desktop Underwriter.Read More