The dollar volume of conforming jumbo mortgages included in GSE MBS increased sharply in the third quarter. Other noncore GSE business also expanded. (Includes data chart.)
Redwood’s mortgage banking income decreased in the third quarter as falling interest rates lessened demand for MBS. Execution rebounded in October after interest rates increased.
Moody’s assesses Quicken as an “average” originator of prime jumbos; Prosper ties up with BBVA USA to launch a HELOC product; Deephaven hires Kris-Ann Carduff as a vice president.
Noting that not a single SEC-registered non-agency MBS has been issued since disclosure requirements were tightened in 2014, the regulator is planning to revisit the standards.
So now the big question: Are nonbanks really that risky when compared to depositories? A few decades ago, Congress had to bail out the savings and loan industry to the tune of $150 billion.