At $117.6 billion in November, combined GSE issuance of single-family MBS hit its highest monthly volume since January 2013. (Includes two data charts.)
Mortgage repurchases and indemnifications by banks and thrifts declined 22.6% from the second to the third quarter, and repurchase reserves fell to their lowest level ever. (Includes data chart.)
Significant increases in securitization rates were recorded in the conventional-conforming, government-insured and nonprime markets. Relatively few jumbo loans are pooled in non-agency MBS. (Includes data chart.)
The merger with Morningstar could help DBRS expand its footprint in rating non-agency MBS but likely will have little effect on its share of the ABS market. (Includes two data charts.)
Analysts say homeowners are sitting on $6.2 trillion of home equity that could be converted to cash. But for many, refinancing is a better choice than a HELOC. (Includes three data charts.)
Credit unions, however, continued to grow their holdings of home-equity loans, up 1.9% to $92.5 billion as of the end of the third quarter. New HEL originations edged up 0.7% from the previous period to $9.7 billion.
The 7% drop from October ended eight consecutive monthly gains in Ginnie MBS issuance. Rate-term refinance activity continued to climb last month, but not enough to offset declines in purchase-money and cash-out refi transactions.
While production at the two government-sponsored enterprises rose a combined 6.7% for the month, hitting $117.55 billion, Ginnie issuance was off 7.3% from October.