The use of extensions on subprime auto ABS more than doubled in April on a monthly basis. The outlook for performance is uncertain with enhanced unemployment benefits set to end in July.
Bank trade groups support an interim final rule that allows depositories to defer appraisals for up to 120 days in certain circumstances. Appraisers, on the other hand, have raised concerns.
The market for REITs that invest in agency MBS is looking a lot better than it was in April. Meanwhile, AG Mortgage Investment Trust reached a $5.0 million settlement with Royal Bank of Canada.
Arbor Realty Trust issued a $727.2 million non-agency multifamily MBS. For the most part, these deals are uncommon because the GSEs dominate the market.