Secondary/MBS

Browse articles from IMFnews related to Secondary/MBS.

February 22, 2018 - IMFnews

Refi Bump Helped Boost Retail Share in Late 2017, Correspondent Suffered

Wells Fargo was the top retail and correspondent lender in 2017 while United Wholesale Mortgage took home the gold in the wholesale/broker category…


February 22, 2018 - IMFnews

PIMCO Suggests Leaving Fannie and Freddie in Conservatorship

PIMCO also believes government MBS loan limits should be based on borrower income, not housing prices…


February 21, 2018 - IMFnews

In Wake of Warehouse Fraud, Santander Sells Business to Flagstar. Deal Will Create Nation’s Fourth Largest Warehouse Provider

Flagstar also will hire Santander’s “existing" warehouse relationship managers...


February 21, 2018 - IMFnews

PennyMac Readies Another ABS Backed by Ginnie Mae MSRs, Deal Receives Preliminary BBB- Rating

PennyMac likely will use the proceeds to buy additional servicing rights…


February 20, 2018 - IMFnews

GSE Credit Box Continues to Loosen, but Not by Much

Borrowers with credit scores below 700 accounted for 22.03 percent of GSE purchase loans last year…


February 16, 2018 - IMFnews

What We’re Hearing: Death, Taxes and the GSEs / Sweet Tax Cows / Not a Peep Out of Pershing Square and Fairholme / The Wrath of Jeb / MSR Market Heats Up / A Huge Profit for Annaly / Citizens Bank Gets a New Mortgage Chief

Suffice to say, Fannie and Freddie are two cash cows that only a crazy person would eliminate, unless that crazy person doesn’t like money…


February 16, 2018 - IMFnews

Banks Increased MBS Holdings in Late 2017, but Individual Trends Differed

JPMorgan Chase and U.S. Bancorp each took different routes in shrinking their MBS portfolios…


February 15, 2018 - IMFnews

Short Takes: Is Mel Watt Dropping Hints? / A Utility Model for Fannie and Freddie? / Refi Applications on the Rise (Ever So Slightly) / No (Permanent) Ginnie Prez, No FHA Chief / Uber Executive’s Foray Into Mortgages

Joshua Rosner, managing director of Graham Fisher & Co., states: “This sounds like the early stages of a utility model..."


February 15, 2018 - IMFnews

Freddie, Like Fannie, Sees 4Q Results Get Smacked Around Because of Tax Changes, Will Need a $312 Million Check from Treasury

Prior to release of 4Q17 results, the GSEs had an “account balance” of $103.0 billion with Uncle Sam: $291.4 billion of dividends paid to Treasury versus $188.4 billion of assistance received.


February 14, 2018 - IMFnews

Freddie's 4Q Results Get Smacked Around Because of Tax Changes, Will Need a $312 Million Check from Treasury

All totaled, the new tax law will result in Treasury – which owns the senior preferred stock of the GSEs – forking over $4.01 billion to aid Fannie and Freddie...


February 14, 2018 - IMFnews

Bill Would Restore REIT Access to FHLB Advances

Borrowing from the FHLB advance window would save REITs a ton of money…


February 14, 2018 - IMFnews

New Tax Law Blows a Hole in Fannie Mae’s 4Q17 Results, FHFA to Ask Treasury for $3.7B in Cash to Eliminate the ‘Net Worth’ Deficit

As National Association of Realtors Vice President Joe Ventrone put it: “It’s an unintended consequence of the tax bill rather than falling into the bailout narrative.”


February 14, 2018 - IMFnews

Why Not Make the FHLBanks MBS Guarantors Too?

Under this arrangement, the FHLBanks would be “jointly and severally liable” for the obligations of any single-family guarantor formed under the new system…


February 13, 2018 - IMFnews

New GOP Tax Law Blows a Hole in Fannie Mae’s 4Q17 Results, FHFA Expected to Ask Treasury for $3.7B in Cash to Eliminate the ‘Net Worth’ Deficit

The DTA hit Fannie took and the resulting net loss was fully expected and likely won’t cause an uproar on Capitol Hill. However, one lobbyist quipped: "Ah, the first taxpayer bailout of a large financial institution since the Great Recession."


February 13, 2018 - IMFnews

Short Takes: The Trump Budget and the GSEs (Not So Good) / No More GSE Money for Affordable Housing / Treasury Wants to ‘Right Size’ Federal Housing Programs / Cuts in Store for the CFPB? / Arch Posts a Strong 4Q17 Profit

The Treasury Department's goal is to right-size federal housing programs...


February 13, 2018 - IMFnews

A Rosy Picture: Strong Performance for Non-QMs in MBS

The average credit score on loans in expanded-credit MBS issued in 2016 and 2017 was 704.9, according to a new analysis by Inside Nonconforming Markets.


February 13, 2018 - IMFnews

Redwood Set to Issue One of its Largest Jumbo MBS Deals Ever (Post-Crisis Era)

The GSE-eligible loans have an average unpaid principal balance of $549,259 while the non-agency mortgages have a UPB of $703,898…


February 12, 2018 - IMFnews

Trump Budget: DTA Hits Mean Treasury Draws for Fannie and Freddie. White House Wants to Cut Contributions to the Housing Trust Fund

Freddie Mac's Treasury draw is estimated at $400 million...


February 12, 2018 - IMFnews

Housing Advocates Worried about Sen. Corker’s GSE Reform Draft

The Center for Responsible Lending and other groups said the Corker draft threatens access, affordability and market stability…


February 12, 2018 - IMFnews

The Correspondent Share of the FHA Market: 48.6 Percent

The correspondent share of the FHA market rose to 48.6 percent last year…


February 9, 2018 - IMFnews

PennyMac Financial Posts a $123.9 Million Profit in 4Q, Originations Down by 10.0 Percent; Lender Set to Launch New Products

PennyMac originated $17.04 billion of home mortgages in the fourth quarter, largely through the correspondent channel


February 9, 2018 - IMFnews

Agency MBS Production Down a Modest 6.9 Percent in January. Turbulence Ahead?

January volume was the lowest monthly total since May 2017…


February 7, 2018 - IMFnews

Short Takes: The FHFA Version of Mick Mulvaney / Political Appointees at the FHFA? / Waiting on Hensarling’s GSE Draft / A Strong Profit for Genworth / Reverse Lender Goes Forward

Rep. Hensarling, a Republican from Texas, has yet to unveil a legislative blueprint…


February 7, 2018 - IMFnews

Freddie Mac Looks to Carve Out New Niche for Specified Pools

Mortgages with low loan balances appeal to investors because of their lower prepayment risk…


February 7, 2018 - IMFnews

Retail Loans Less Risky in Agency Market

Although Freddie Mac had a higher average credit score than its rival GSE, Fannie Mae had slightly lower average DTI and LTV ratios…


February 6, 2018 - IMFnews

Short Takes: What Stock Market Correction? / Bond Prices? / Fretting Over Fannie-Freddie Common / The GSE Message from Jeb and Steve / BlackRock Likes Genworth / New Penn Gets a New President / FSR Chief Pawlenty Departs

The price of Fannie Mae and Freddie Mac common is getting smacked around...


February 6, 2018 - IMFnews

TIAA Preps Jumbo MBS with Loans Originated by Unit Formerly Known as EverBank

In recent years, only two other banks have issued jumbo MBS: JPMorgan Chase and Flagstar...


February 6, 2018 - IMFnews

Chairman of House Financial Services Subcommittee Pondering GSE Reform

MBA’s Dave Stevens worries about what might happen to the mortgage market under a Trump-appointed FHFA director…


February 5, 2018 - IMFnews

Short Takes: Ginnie is Good, but is it That Good? / Brunts Bolts Freddie for USB / Moody’s Downgrades New Rez, Citing Reliance on Subs / The Wild Ride of the 10-Year Treasury / New Mortgage Chief at SunTrust

On Friday, Moody’s downgraded the issuer rating of New Residential Investment Corporation...


February 5, 2018 - IMFnews

Fannie’s Re-entry into the LIHTC Market: $100 Million for Affordable Rentals

The Raymond James Affordable Housing Fund is part of the GSEs’ effort to provide capital for affordable rental housing and underserved markets.


February 5, 2018 - IMFnews

Citadel Posts Record Originations in January. Angel Oak is Busier than Ever

Citadel is working on its first MBS deal…


February 5, 2018 - IMFnews

GSE Single-Family Business Off to a Weak Start in January

It was the GSEs’ weakest monthly output since May 2017…


February 2, 2018 - IMFnews

NAR Wants FHFA to Reduce G-Fees, LLPAs

The NAR request comes at a time of rising interest rates…


February 2, 2018 - IMFnews

GSE Credit-Risk Transfers Slowed Significantly in 4Q17

Fannie and Freddie issued just $2.01 billion of structured credit notes during the fourth quarter, a sharp 44.5 percent drop from the previous period…


February 1, 2018 - IMFnews

Trump White House Working on a ‘Short List’ to Replace FHFA Director Mel Watt?

Calabria is a former director of financial regulation studies at the Cato Institute, a conservative think tank that would like to do away Fannie and Freddie…


February 1, 2018 - IMFnews

Housing Finance Reform Waits for the Democrats to Show Up. (Don’t Hold Your Breath)

Bill Maloni, a retired Fannie executive who’s been tracking the reform debate for years, believes the Corker bill, if enacted as is, eventually will place the secondary market in the hands of the megabanks.


January 31, 2018 - IMFnews

Corker’s GSE Bill Raises a Host of Questions. Five or Six MBS Guarantors Need to be Up and Running For it to Work

The FHFA would be tasked with maximizing profits on any asset sales by Fannie and Freddie, according to the Corker bill…


January 30, 2018 - IMFnews

GSE Reform Draft (#29) Lays Out a New Mortgage Market with a Federal Guarantee but Private Capital; FHFA and Ginnie in Charge; Treasury Can’t Sell GSE Stock

Treasury would be barred from selling or disposing of “any senior preferred shares, any interest in the warrants, any common shares acquired upon the exercise of the warrants, or any other equity interest that were acquired pursuant to the Senior Preferred Stock Purchase Agreement.”


January 30, 2018 - IMFnews

Short Takes: Mnuchin Says Treasury Remains Committed to GSE Reform / The 30-Year FRM Must Survive / More Private Capital, Yes / Thomas Marano’s New Problem to Solve: Walter / After 25 Years, Exec Bolts PHH for Home Point

Mnuchin said the 30-year FRM cannot survive without Fannie and Freddie...


January 30, 2018 - IMFnews

Dever, Iannicola Latest Additions to Short List for CFPB Director. Or Maybe Jerry Buckley?

“Jerry Buckley would fit the bill perfectly,” said one industry lobbyist...


January 30, 2018 - IMFnews

More Lenders Contributing to Prime Jumbo MBS; Flagstar Becomes a Player

Flagstar contributed $1.02 billion to jumbo MBS last year, or 9.4 percent of the total market…


January 29, 2018 - IMFnews

New Milken Institute Report: The ‘Protected’ GSE Duopoly Must End

The authors note that 90 percent of Fannie/Freddie MBS trading occurs in the TBA forward market.


January 26, 2018 - IMFnews

PE Firms and REITs Show Interest in Financing Mortgage Servicing Rights

The law firm helped a number of companies structure MSR financing transactions last year.


January 26, 2018 - IMFnews

Record Year for Commercial MBS, Freddie Mac a Standout

Remarkably, Freddie Mac knocked out roughly $34.60 billion in multifamily MBS – over half of its total for the year – during the fourth quarter...


January 25, 2018 - IMFnews

Short Takes: You Cannot be a Guarantor and a Lender / Trade Groups on the Same GSE Page / NY Lender Opens New Office in NJ / A Strong Profit for Old Republic / DocMagic Reaches a Milestone

The Community Mortgage Lenders of America is also against the concept of guarantors being lenders or having lending affiliates.


January 25, 2018 - IMFnews

LendingTree’s Share Price Stable After Getting Clocked on Wednesday

LendingTree’s price-to-earnings ratio is in nose bleed territory and short-sellers smell blood…


January 24, 2018 - IMFnews

Deephaven Readies New Nonprime MBS with Mortgages from Angel Oak, Impac, 61 Others…

In total, 63 lenders contributed to the new MBS from Deephaven…


January 23, 2018 - IMFnews

Short Takes: An Ugly Few Months for Fannie, Freddie Common / Canary in a GSE Coal Mine: Layoffs at Pershing Square / GSE DTA Charges Coming Soon / Arch Cautious on NJ, CT / Hamilton Hires Ex-Warehouse Exec

Pershing Square plans to cut almost one-fifth of its staff. One of the casualties: Ackman’s personal driver…


January 22, 2018 - IMFnews

Short Takes: Fannie, Freddie and the Government Shutdown / Ginnie Mae Down to a Skeleton Crew? / Sorry, Call Later When We’re Open / But the CFPB is Open for Business / New LOs for Mortgage Network

HUD tells the mortgage industry: “Due to the federal government shutdown, the information on this website may not be up to date…”


January 22, 2018 - IMFnews

A Boom Year for Mortgage Servicing Transfers, Though 4Q Cooled Somewhat

The bulk market was dominated by New Residential Mortgage…


Poll

How many new retail loan officers (net) is your shop looking to hire in the first quarter of 2018?

1 to 10. We’re being careful.
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31 or more. We’re in expansion mode.
None. We’re staying right where we are, for now.
We’re cutting back.

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