Annaly’s investments in non-agency assets fell by 33% between the end of 2019 and March 31. The REIT sold some of its holdings and issued two non-agency MBS during the first quarter.
The CFPB likely will propose revisions to QM standards in May. Feedback from non-agency participants could be minimized as the market for non-QMs collapsed recently.
Redwood MBS could be downgraded due to stop-advance feature; Moody’s assesses Finance of America Mortgage; non-QM lender PCMA signs lease for new headquarters.
The two-year loans carry a 100% guarantee from the Small Business Administration and are fully forgivable when used by employers to keep workers on payroll.
Some of the $659 billion of loans originated through the Paycheck Protection Program are eligible for sale in the secondary market, but it remains to be seen whether the loans will make it into ABS.