Browse articles from IMFnews related to Secondary/MBS.

September 22, 2017 - IMFnews

What We’re Hearing: A GSE ‘Black Swan’? / More TBTF, Perhaps / A Dividing Issue: Zero Capital / Will Mnuchin Cut a Deal with Speculators? / Waiting on a Ginnie Mae Nominee (Still) / A New Business Home for Anne Canfield

An impossible scenario, one that keeps Federal Housing Finance Agency Director Mel Watt up a night? We shall see...

September 22, 2017 - IMFnews

Trade Groups Tell Treasury and FHFA: Legislation for GSE Reform, No Recap and Release

In a research note published Friday, Cowen & Co. notes the letter is an indication these groups believe allowing the GSEs to retain capital will prolong the conservatorships.

September 22, 2017 - IMFnews

Non-Agency MBS Issuance Constrained by a Lack of Supply

Matt Nichols, CEO of Deephaven Mortgage, a company that has issued nonprime MBS in recent years, said the main impediment to nonprime MBS is supply.

September 22, 2017 - IMFnews

MBS Market Plugging Along, Banks and Overseas Buyers Top Investors in 2Q17

Commercial banks were one of the most active buyers of residential MBS during the April-June cycle...

September 21, 2017 - IMFnews

15 Groups Tell Treasury and FHFA: Legislation to Reform the GSEs, Not Some Recap Plan

The signors add: “We … believe the debate over recapitalizing a broken system distracts from the critical structural issues that Congress must address to ensure that the federally supported secondary market serves key, bipartisan objectives.”

September 21, 2017 - IMFnews

Finance of America Enters the Correspondent Channel, Focusing on CUs and Community Banks

Finance of America’s backers include The Blackstone Group…

September 20, 2017 - IMFnews

Liquidity in the MBS and ABS Markets: As Strong as It’s Ever Been…

“Liquidity is strong across the spectrum and probably the best we’ve ever seen for structured products,” said Scott Levy, a senior managing director at Guggenheim Securities…

September 19, 2017 - IMFnews

Short Takes: About Those GSE Dividend Payments… / The Man Wants to be Paid / Record Attendance at ABS East / LendingTree Buys Snap Capital / Webster Gets a New President

In other words, the FHFA will once again order the dividends to be paid to Treasury. Right?

September 19, 2017 - IMFnews

House FSC to Work on GSE Reform Again. (Hint: It Looks like the PATH Act)

At the ABS East show, Rep. Barr didn’t provide further details about Republican plans for the GSEs…

September 18, 2017 - IMFnews

Prestwick Selling $1.8 Billion Bulk Fannie/Ginnie MSR Portfolio

The Fannie balance of the pool accounts for $1.33 billion of the receivables.

September 15, 2017 - IMFnews

Mortgage Securitization Rate Sinks in 2Q17

Roughly 27.3 percent of Fannie Mae, Freddie Mac and Ginnie Mae loans pooled in securities in the first half of 2017 were a month old at issuance, and 6.4 percent were two or three months old.

September 15, 2017 - IMFnews

Treasury Taking Meetings on GSE Issues, Including Zero Capital and Multiple Guarantors

Rob Zimmer, a former Freddie Mac executive: “Republicans run this town, obviously, and there is no way they want to be identified as the party of taxpayer bailouts for large financial institutions.”

September 14, 2017 - IMFnews

Another Bank May Enter the Jumbo MBS Market, Signaling a Potential Shift from Portfolio Retention

“We’ve gotten wind that we could see at least one other large money center bank enter the securitization markets,” said Christopher Abate of Redwood Trust…

September 14, 2017 - IMFnews

Agency-Jumbo Production Sagged in 2Q17 While Non-Agency Sector Kept Growing

But the non-agency jumbo market saw a healthy 18.6 percent increase in originations…

September 14, 2017 - IMFnews

Redwood Sourcing ‘Expanded Prime’ Jumbos from Hundreds of Correspondents

Redwood Trust has approved 185 originators to sell Choice loans directly…

September 13, 2017 - IMFnews

When Loan Demand is Strong, Consumers Get Bad Pricing?

The researchers tracked lender rate sheets from 2008 through 2014…

September 13, 2017 - IMFnews

Warehouse Commitments to Nonbanks Top $64 Billion

“A number of companies are expanding the lines they need,” said Larry Charbonneau. “I’ve been doing a number of reviews for warehouse banks lately. Volume is definitely picking up.”

September 13, 2017 - IMFnews

In the Wake of Hurricane Irma, ABS East Securitization Show is Still a Go for Miami Beach

Information Management Network will contribute proceeds from the conference to aid hurricane relief efforts.

September 13, 2017 - IMFnews

Brian Montgomery (Finally) Picked for FHA Chief. Kittle for Ginnie Prez?

If confirmed by the Senate, it would be Montgomery’s second go at the FHA post, a position he held in the administration of George W. Bush.

September 12, 2017 - IMFnews

Short Takes: Former DB Exec Paul Mangione Slammed in DOJ Civil Complaint / Fort Schuyler Advisors? / Angel Oak Passes $7B Mark / Richard Cordray? / A New CFO for LenderLive

As IMFnews went to press, Mangione could not be reached for comment. He currently heads Fort Schuyler Advisors...

September 12, 2017 - IMFnews

On a Roll: Fourth Consecutive Monthly Gain for GSE MBS Issuance

Fannie and Freddie lost some market share during the second quarter, according to preliminary figures compiled by Inside The GSEs.

September 8, 2017 - IMFnews

Hurricane Damage: Despite Consumer Moratoriums, MBS Issuers Must Keep Making Payments

Just because consumers might be off the hook for at least 90 days on making their payments, MBS investors will want their money, noted on observer…

September 8, 2017 - IMFnews

Agency MBS Issuance Up Again in August as Refi Business Shows Renewed Strength

The agencies saw an 8.6 percent increase in refi volume from July to August, roughly triple the growth rate of the purchase-money business…

September 7, 2017 - IMFnews

It’s Official: Lone Star’s New Security Largest Post-Crisis Nonprime MBS To Date

The new security is backed solely by loans from Caliber...

September 7, 2017 - IMFnews

ICBA Says Government Seizure of Fannie and Freddie was ‘Questionable at Best’

ICBA’s comment marks the first time that a major industry trade group has questioned putting Fannie and Freddie into conservatorship…

September 6, 2017 - IMFnews

Short Takes: Loan Closings Cancelled in Parts of FL as Hurricane Approaches / A Rarity: Podium Readies Jumbo MBS Backed by Reverses / Applications and Refis on the Rise / Freddie Exec Takes CIO Job with Subservicer Cenlar

As another hurricane approaches the U.S. more loan closings are cancelled...

September 6, 2017 - IMFnews

Nine Years Ago, Fannie and Freddie Were Taken Over. Treasury is Now $82.3 Billion Richer

Investors Unite speaks for GSE shareholders – except senior preferred holders (the Treasury Department)…

September 6, 2017 - IMFnews

First ‘Expanded Prime’ MBS from Redwood Shows Somewhat Looser Underwriting than Typical Super-Prime Jumbos

Mortgages from 103 lenders will be included in the deal led by PrimeLending…

September 5, 2017 - IMFnews

Jet Direct Takes Off Into Wholesale

The company hired industry veteran Joseph Boiano to oversee the new division…

September 5, 2017 - IMFnews

Lone Star Preps Nonprime MBS that Could be the Largest Issued with Post-Crisis Originations

The nonprime mortgages were sourced through Lone Star affiliate Caliber Home Loans and other lenders…

September 5, 2017 - IMFnews

Non-QM Performance Strong but There’s a Catch: Many Prepayments

Investors in non-QM MBS have to worry about fast prepayment speeds, not credit problems...

September 1, 2017 - IMFnews

What We’re Hearing: A $1 Billion Capital Buffer for the GSEs? / What Would the Minimum Be? / Government Assistance for Ginnie Issuers / A Status Report from Cornerstone Mortgage in Houston / Richard Cordray: Still There

CFPB's Cordray clerked for both Robert Bork and Anthony Kennedy...

September 1, 2017 - IMFnews

Mortgage Reinsurance Market Shows Great Promise, but Risks Abound

Reinsurers coming late to the feast might find slimmer pickings as pricing continues to tighten in the sector…

September 1, 2017 - IMFnews

Agency-Backed CMO Production Slumped in 2Q17

Wells Fargo’s CMO business was down 36.7 percent from the first half of 2016…

August 31, 2017 - IMFnews

While Nonbank Mortgage Stocks (Walter, Ocwen) Tank, ‘mREITs’ Excel

Several top-ranked REITs are now trading much closer to their 52-week highs than their lows while maintaining hefty dividend payments to their shareholders.

August 31, 2017 - IMFnews

Redwood Trust Set to Issue its First Non-Agency MBS Backed by ‘Expanded Prime’ Mortgages

The new MBS from Redwood will include a mix of safe-harbor qualified mortgages, rebuttable presumption QMs, non-QMs and some loans not subject to QM standards.

August 30, 2017 - IMFnews

GSE Single-Family MBS Business Edged Higher in July

In July, the top five GSE loan sellers were Wells Fargo, Chase, Quicken, PennyMac and AmeriHome Mortgage…

August 30, 2017 - IMFnews

Errors in Moody’s Database Prompt Reassessment of Ratings on Nearly 1,000 Pre-Crisis Non-Agency MBS

Problems regarding the ratings of IO tranches of pre-crisis non-agency MBS emerged in June of this year...

August 29, 2017 - IMFnews

Clayton Launches Service to Help Issuers Enter the Non-Agency MBS Market

A growing number of mortgage lenders and aggregators are actively considering entry into the private label securitization market, says Clayton President Jeff Tennyson…

August 28, 2017 - IMFnews

Bayview Mixes New and Seasoned Loans Together for New Non-Agency MBS

Mortgages in the deal were originated by a variety of lenders, none of which were identified…

August 28, 2017 - IMFnews

GSE Loan Buybacks Edge Higher in 2Q17; Legacy Issues Fading Slowly

The vast majority of Fannie buyback activity involves loans sold into MBS issued since 2015…

August 25, 2017 - IMFnews

What We’re Hearing: They’re Back: 80-10-10s / Credit Unions Allowed to Buy Servicing Rights? / DB Cuts Large Repo Deal with Penny Mac Financial / Wells Fargo, UWM Dominant in their Channels / So Long Wells, Hello loanDepot

Dan Hanson, a top production manager for number-one ranked lender Wells Fargo, has jumped ship for loanDepot...

August 25, 2017 - IMFnews

Inspired by Executive Order ‘Spirit,’ Credit Union Regulator Pushes to Allow MSR Purchases by CUs

Credit unions hold the servicing rights to mortgages they originated but cannot buy MSR contracts in the secondary market…

August 25, 2017 - IMFnews

Bank ABS Holdings Drift Lower Again in 2Q17

All asset classes in the ABS market saw reduced bank interest in the second quarter…

August 24, 2017 - IMFnews

Vendor That’s Digitizing the Mortgage Process Lands $100 Million in Funding

In earlier funding rounds, Blend's backers have included businessman Peter Thiel, who co-founded PayPal...

August 24, 2017 - IMFnews

Mortgage Brokers Post Big Gains in 2Q17

Mortgage brokers saw their market share top 11.0 percent in the second quarter, the highest reading in quite some time, Inside Mortgage Finance found…

August 23, 2017 - IMFnews

Despite Coming Ban, Starwood REIT to Buy Non-QMs with FHLBank Help

Starwood didn’t disclose the volume of non-QMs it has acquired at this point.

August 22, 2017 - IMFnews

Ellington Financial Sells $86 Million Worth of Notes

Ellington is showing an increasing interest in the non-QM market…

August 21, 2017 - IMFnews

Bank Investment in MBS Sets a New Record: $1.799 Trillion

Total bank investment in residential MBS rose by $36.28 billion during the second quarter…

August 18, 2017 - IMFnews

What We’re Hearing: The Nation’s Volume Leader in the ‘New’ Nonconforming Is… / Sales Executive Departs / Don’t Stop Believin’ (in Fannie and Freddie)? / ‘Contract Law’ and GSE Common Shares / A Legislative Snafu Called Donald Trump?

According to our calculation, Fannie common now trades at $2.80, a 20.17 percent improvement since the close of 2Q17, while Freddie’s value rose 21.08 percent to $2.70.


The year is almost 75% done. How is mortgage origination volume at your shop?

We will fund about the same as we did in 2016.
We will fund more than last year – by a little.
We will fund more than last year – by a lot.
We will fund less than last year – by a little.
We will fund less than last year – by a lot.

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