Boom times: Presale reports for three expanded-credit MBS were published on Monday. Meanwhile, the second-largest post-crisis deal is in the works and JPMorgan Chase is set to issue another non-QM MBS.
A borrower’s liquidity situation seems to be a better indicator of potential default than LTV or DTI ratios, according to the JPMorgan Chase Institute. The institute suggests that the use of emergency mortgage reserve accounts could help alter the DTI ratio standards for qualified mortgages.
Currently, only state-certified appraisers can complete appraisals for FHA mortgages. One of the bills will align FHA appraiser licensing-requirements with requirements set by the government-sponsored enterprises.
Issuance of whole-business ABS is on track to break a record this year, with $4.6 billion in volume at halfway mark. Issuers include fast food companies, aftermarket car services and spa services.
Falling interest rates are sometimes a bad thing — case in point is Mr. Cooper and negative MSR marks. Also, it’s been somewhat quiet on the M&A front but perhaps a change is in the wind.
A new private activity bond will fund construction of tolled express lanes near Washington, DC. Toll revenues on similar bonds have been strong and rating services affirmed BBB ratings on outstanding issuance.
The next step might be to create a limited liability regulated entity (LLRE) which would succeed the GSE. After that, the LLRE (once capital is raised) becomes a new company and the charter is sold to new owners. From what we understand, the FHFA has the legal power to sell the charter...
The trade groups are calling on the Department of Housing and Urban Development to either remove FHA certifications or replace them with a straightforward lender acknowledgement of key requirements based on loan eligibility…