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John Bancroft

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ARTICLES

Big Banks Load up on GSE Pass-Through MBS in 4Q20

February 18, 2021

Bank of America increased its MBS portfolio by a whopping $93.5 billion during the fourth quarter. Big gains were also reported by Chase, Schwab and Truist. (Includes two data charts.)

GSE Portfolios Decline in 4Q20, Cast Mixed Outlook

February 18, 2021

John Bancroft

Fannie and Freddie both grew their portfolios of whole loans targeted for the securitization process while reducing the amount of their own MBS holdings. (Includes data chart.)

TPO Markets Crawl Back to Life, but Retail is Still King

February 18, 2021

John Bancroft

Correspondent and wholesale-broker production made bigger gains from the third to the fourth quarter, but retail was the runaway winner in 2020. (Includes six data charts.)

TPO Channels Post Gains at Expense of Retail

February 17, 2021

John Bancroft

The top retail lender was Quicken, while UWM took top honors in table funding...

Refi Train Carries FHA/VA Lending to a Stunning New Record

February 14, 2021

John Bancroft

The year just-ended brought two huge changes to the government-insured market. First, the VA established itself as the dominant program...

Fannie and Freddie: A Tale of Two CRT Users

February 14, 2021

John Bancroft

Fannie inked just $5.26 billion in new credit-risk deals in 2020, and that total included a $425.6 million Connecticut Avenue Securities transaction...

Refi Train Carries FHA/VA Lending to Record in 2020

February 12, 2021

John Bancroft

VA refinance activity was the key driver in the government-insured market last year, as production rose 168% from 2019. Freedom rode the refi train to become the top FHA/VA lender in the market.

CLO Market Rebounds but Can’t Make up Lost Ground

February 11, 2021

John Bancroft

CLO issuance surged in the fourth quarter, fed by growth in restructured deals and the BSL market. Palmer Square ranked as the top manager of new issuance. (Includes data chart.)

Freddie CRT Streaks Past $10 Billion While Fannie Idles

February 11, 2021

John Bancroft

In late 2020, Fannie came back into credit-risk transfers with a bespoke deal with one of its largest nonbank sellers. Freddie continued full speed ahead with more traditional STACR issuance. (Includes data chart.)