Sales of homes to investors hit a record in the second quarter. Interestingly, the surge is happening as the GSEs cut back on investment-property loan acquisitions.
Non-agency forbearance increases; Sachem inks $200 million repo line; review of risk-retention requirements extended; Angel Oak plans to expand its digital capabilities; Liquid Mortgage receives patent; Home Diversification Corp. for sale.
Mortgage securitizations from Freedom Mortgage and New Residential Investment are backed by servicing fees, while Rapid Financial Services is peddling its first small-business ABS since 2018.
During a Capitol Hill hearing, House Democrats focused on credit rating shortcomings that allowed for the subprime crisis of 2007-2008 and inadequate reforms that followed.
The new standards mirror FHFA’s existing requirements in many ways, while extending the provisions to non-agency mortgages. CSBS also provided a few breaks to the industry.