Browse articles from IMFnews related to Secondary/MBS.

March 26, 2019 - IMFnews

Allow the ‘GSE Patch’ to Expire, Think Tanks Recommend

The CFPB introduced the GSE patch in 2014 as a temporary measure…

March 26, 2019 - IMFnews

MBA Research: A Net Origination Loss of $200 Per Loan in 4Q18

Added MBA’s Walsh: “On the servicing side of the business, mortgage servicing impairments resulting from December’s drop in interest rates hurt profitability.”

March 26, 2019 - IMFnews

Hearings Commence on GSE Reform. NAHB Worries About ‘Administrative’ Changes, Academic Trashes Crapo’s Ideas

Georgetown Law Professor Adam Levitin: “I am deeply concerned about the basic direction of the chairman’s housing-finance reform proposal outline..."

March 25, 2019 - IMFnews

Short Takes: The Mueller Report, the Legislative Calendar and the GSEs / No Kumbaya Moment Here / Let the Administrative Changes Begin / Better Enters FHA Market / The Market Doesn’t Love Us, So We’re Selling

And that means: two more years of hyper-partisan bickering on both sides and legislation only getting passed if there’s a bi-partisan consensus or a national emergency...

March 25, 2019 - IMFnews

Caliber Affiliate the Latest Issuer to Bring its Second ‘Expanded-Credit’ MBS of the Quarter

The mortgages boast an average credit score of 736...

March 25, 2019 - IMFnews

Fannie/Freddie Debt Dealers Accused of Price Fixing

The defendants include Bank of America, Credit Suisse, Goldman Sachs and many other dealers…

March 22, 2019 - IMFnews

What We’re Hearing: Goldman Sachs is Doing What? / A Wall Street Warm Up? / 10.75% Money for Freedom Mortgage / A Grade of B+ / The Green New Deal a More Important Issue than Calabria? / CoreLogic Executive Lands Top Post at Fannie Mae

In the Senate, the 'Green New Deal' is more important than Mark Calabria?

March 22, 2019 - IMFnews

MBS Trading Falters Slightly but Strong Overall

One fact is certain: January and February were not good months for the production of Fannie Mae, Freddie Mac and Ginnie Mae securities.

March 22, 2019 - IMFnews

Surprise: Goldman Sachs Aggregating Jumbos and Conforming Loans for Non-Agency MBS

Goldman hasn’t been active in the prime non-agency MBS market except for a one-off deal in 2014.

March 22, 2019 - IMFnews

Guess What? The Federal Reserve is No Longer No. 1 in MBS Holdings

The Federal Reserve's MBS leakage began in 2017…

March 21, 2019 - IMFnews

Short Takes: The Supremes Rule on Foreclosures and the FDCPA / It’s Good to be King, Unless You’re the CEO of Freddie Mac / Angel Oak Bolsters Office Space Big Time / Tennessee Bank Looking for Non-QM Loans / Two New Directors for Fannie / Correction: Freddie CEO, Not Fannie

Based on Freddie’s annual profits, CEO Don Layton is probably one of the two most underpaid bosses in the world of finance. Soon that distinction will belong to David Brickman...

March 21, 2019 - IMFnews

Trade Group Goes to Bat for Higher Wages at Ginnie Mae. But There’s a Reason Behind It

It’s impossible to tell how much the Ginnie Mae president earns because that position has been vacant since early 2017…

March 21, 2019 - IMFnews

The Non-QM Bright Spot Continues to Grow

“In 2018, our lending units saw a distinct rise in the popularity and use of non-QM products as more creditworthy borrowers turned to these innovative options,” said Angel Oak’s Michael Fierman…

March 20, 2019 - IMFnews

JPM Pondering Non-QM Finance Opportunities?

“They’ve approached a few lenders,” he said, “and have some others to see.”

March 20, 2019 - IMFnews

Short Takes: Getting the Industry’s Pulse on GSE Reform / Who Gets to Lead? / Why Phillips Didn’t Get the FHFA Job / The Battle for Risk / Selling Shares in Invitation Homes / Radian Names Dave Stevens to Its Board

Who knows more about GSE reform: the White House or Treasury? We get a sense the two parties don't see eye to eye on everything...

March 19, 2019 - IMFnews

Short Takes: Why the GSE Net Worth Sweep Won’t be Reversed / Recap and Release? / A Much-Watched Profit Reading / Starwood and Impac, a Symbiotic Relationship / Bank Failures, Anyone? / Reverse Lender Hires Sales Chief

Each quarter, GSE profits reduce the federal budget deficit. If that cash is forfeited...

March 19, 2019 - IMFnews

Chimera Readies Another Non-Agency MBS Backed by GSE-Eligible Investment Loans

Some lenders and MBS issuers are seeing better execution for GSE-eligible loans in the non-agency market…

March 18, 2019 - IMFnews

Short Takes: A New Wave of Optimism? / Value Your CFO / Feds Plan Community Hearings on BB&T-SunTrust Deal / MFA Buying Plenty of Whole Loans. Can An MBS Be Next? / Former HUD Official Pam Patenaude Lands

Mortgage REIT MFA Financial, New York, bought roughly $1 billion worth of loans during the fourth quarter...

March 18, 2019 - IMFnews

GNMA MBS Production Down Sharply in February

Much of the reduced refi business resulted from a 14.8% drop in cash-out transactions...

March 18, 2019 - IMFnews

Non-QM Lender Angel Oak Quickly Returns to the MBS Market with its Largest Deal Yet

The underlying mortgages have an average credit score of 703...

March 15, 2019 - IMFnews

What We’re Hearing: The Changing of the Guard at the FHFA / A Deep Resume / Retained Capital for Fannie and Freddie, a Matter of When? / The Holy Grail / Impac Mortgage, Act III / FHA Moves to Sure Up its Book

An increase in retained earnings is a pre-cursor to GSE “recap and release,” or as Fannie/Freddie investors call it, the Holy Grail…

March 15, 2019 - IMFnews

FHFA’s Otting in a Position to Bolster the Non-Agency Market

SIFMA’s Daniel Goodwin: “Financial regulators must create a level playing field so that entities like the GSEs do not enjoy capital benefits that add to the tilting of the market…”

March 15, 2019 - IMFnews

Buyouts from Ginnie Mae MBS Boost Supply of NPLs

According to market watchers like Peter Barkey of Roosevelt Management, there are about $4 billion in Ginnie buyouts per month…

March 15, 2019 - IMFnews

REITs Add to Agency MBS Holdings, Non-Agency Down

Agency securities accounted for $26.4 billion of the growth in REIT MBS holdings over the course of the year…

March 15, 2019 - IMFnews

A Challenging 4Q18 for Impac; Lender Sells $10.5B of MSRs

In the fourth quarter, Impac’s gain-on-sale margin increased 85 basis points to 203 bps, a reflection of its growing originations of non-QM loans.

March 14, 2019 - IMFnews

SBC Chairman Crapo Schedules Two Days of Hearings on GSE Reform

NAR would like to see Fannie and Freddie restructured as tightly regulated shareholder-owned utilities...

March 13, 2019 - IMFnews

Short Takes: More Non-QM MBS Deals on the Way / What’s Ginnie Mae Really Worried About? / A Big ‘Nothing Burger’? / What Borrowers Want When They Shop Online for a Mortgage / Amherst’s Appetite for SFR / A New Hire for Incenter

Another official described the Ginnie Mae change as a “nothing burger…”

March 13, 2019 - IMFnews

Broker Business Gained Market Share in 2018

Retail’s biggest presence was in the jumbo market…

March 13, 2019 - IMFnews

Freddie Mac’s MBS Business Rebounds in February

Fannie Mae saw its monthly MBS output decline by 18.1% from January…

March 12, 2019 - IMFnews

Sterling Bank and Trust, Citadel Servicing Top Contributors to Oaktree MBS

Sterling will account for 58% of the loans in the MBS, Citadel 23%...

March 11, 2019 - IMFnews

New Residential Readies Second Non-QM MBS of the Quarter

A number of firms regularly issue one non-QM deal per quarter. Two transactions is less common...

March 8, 2019 - IMFnews

Ginnie Mae to Increase Servicing Spread Requirements for Single-Family MBS

Starting March 1, 2020, issuers will be required to have and maintain, at all times, a weighted average servicing spread of at least 25 basis points for their forward, fixed-rate single-family Ginnie portfolio.

March 8, 2019 - IMFnews

Short Takes: SIFMA Approves Changes for UMBS / A New Focus for CFPB / QM Patch and First-Time Homebuyers / MBS Backed by Small-Balance Commercial Loans

There was some speculation before the vote that SIFMA might delay the guidelines or otherwise hinder UMBS issuance, but the vote on Wednesday was passed with a “significant majority,” according to SIFMA.

March 8, 2019 - IMFnews

New Issuer Set to Enter Non-QM MBS Market: Oaktree Funding

The planned Bunker Hill Loan Depository Trust 2019-1 from Oaktree Funding will be stocked with non-QMs along with business-purpose mortgages.

March 8, 2019 - IMFnews

Monthly Agency MBS Production Falls to Level Last Seen in 2014

Fannie Mae, Freddie Mac and Ginnie Mae generated only $69.97 billion of single-family MBS in February.

March 7, 2019 - IMFnews

Moody’s Raises Concerns About Disclosures of Jumbo MBS Rep/Warrant Breaches Issuers of prime jumbo mortgage-backed securities aren’t doing a good enough job of providing details of potential breaches of representations and warranties to MBS investors, according to Moody’s Investors Service. Breaches of reps and warrants on post-crisis jumbo MBS are few and far between. But in a report released Wednesday, Moody’s said the information available on the handful of breaches is insufficient. …

March 7, 2019 - IMFnews

Conforming-Jumbo Volume Drops Sharply in 2018

Lenders delivered $93.54 billion of conventional, FHA and VA mortgages with loan amounts exceeding $453,100 into agency mortgage-backed securities last year, a 23.9% decline from 2017.

March 6, 2019 - IMFnews

Final Rule on UMBS Issued; June Launch Date Remains

The Federal Housing Finance Agency last week issued a final rule aimed at improving liquidity of the to-be-announced MBS as well as the new uniform MBS, which makes its debut in early June ...

March 5, 2019 - IMFnews

Short Takes: Freddie Mac Invests $61M in Affordable Housing / AMC Acquires a Title Search Firm / Stevens Joins Tech Company / CFPB Kicks Off PACE Financing Rulemaking

Freddie Mac on Monday initiated three investments in affordable housing managed by National Equity Fund ...

March 5, 2019 - IMFnews

SFIG Almost Done with MBS Reforms, Adoption Uncertain

The Structured Finance Industry Group’s years-long effort to reform practices in the non-agency mortgage-backed security market is nearly complete ...

March 4, 2019 - IMFnews

Short Takes: Pondering the Letter Sent to Joseph Otting / Among the Signors… / More MSR Auctions in the Works / MetLife Has a Nice War Chest of Whole Loans / A New Hire at Gateway Mortgage

More servicing-related auctions are in the pipeline, including a $2.97 billion Fannie Mae/Freddie Mac portfolio from Phoenix Capital...

March 4, 2019 - IMFnews

Agency MBS Production Declined in January but Trading Volume Soared

The bravura performance came during a month when GSE and Ginnie Mae MBS issuance totaled just $80.7 billion…

March 1, 2019 - IMFnews

What We’re Hearing: Throwing Down the Gauntlet on Fannie-Freddie Changes / 27 Trades Sign On / Not One Voice of Concern? / Freddie’s MSR Pilot? / Fixing the Broken Companies / Eli Global and Greg Lindberg Back in the News / Busy Being Named a Director

Is the Senate Banking Committee ever going to hold a hearing on GSE pilot programs?

March 1, 2019 - IMFnews

Nonbanks’ Non-QM Acquisition Strategies Differ

MFA, on the other hand, is acquiring non-QMs from several unidentified lenders via whole loan acquisitions…

March 1, 2019 - IMFnews

Mortgage-Investing REITs Pony Up to the Stock Bar

Mortgage-investing REITs aren’t shy about selling additional shares of common to the public…

March 1, 2019 - IMFnews

Bank ABS Portfolios Showed a Modest Increase in 4Q18

Consumer asset-backed securities, including unsecured debt consolidation loans and education financing, remained the most popular ABS category for banks…

February 28, 2019 - IMFnews

Short Takes: A Mega Servicing Deal Approaching? / ‘Goldilocks’ Pricing / The Ditech Portfolio? / Fannie & Freddie Common Take a Rest / FHFA’s Final UMBS Rule / Bell Bank Opens AZ Branch, Mortgages on the Menu

The share price of Fannie Mae and Freddie Mac common has been on a mild downward slope since Feb. 22. Meaning?

February 27, 2019 - IMFnews

SFIG Speakers Expect Administrative Reform of the GSEs. Capital Build? Yes

Michael Stegman: “Clearly, there is going to be some kind of capitalization of the GSEs..."

February 26, 2019 - IMFnews

Short Takes: How Fast for Calabria? Very Fast / It Pays to Have a Godfather / What About a ‘Hold’? / Record Attendance at SFIG Vegas / Mixed Opinions on Expanded-Credit

Now for the big question: Will any Democratic senators put a hold on the Calabria nomination?

February 26, 2019 - IMFnews

Angel Oak Rolls Out Fix & Flip Wholesale Option, Hires JPM Exec

To lead the effort, Angel Oak hired JPMorgan executive Will Jackson…


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