Ledn issues ABS backed by Bitcoin loans; fire at SFVegas prompts shift in exhibit hall; banks seek enhanced capital relief for CRTs; Fitch launches group for private ratings; Upstart sells auto loans to Bayview.
Recent mergers changed the top 10 lenders who delivered loans into Fannie Mae and Freddie Mac mortgage-backed securities, according to the latest ranking and analysis by Inside The GSEs.
Mergers caused deliveries of conventional mortgages from Rocket and Bayview to spike, reshuffling the leaderboard for GSE sellers. (Includes two data tables.)
Bayview Asset Management first acquired a stake in Guild Mortgage in 2020. BAM is on track to fully acquire the lender by the end of the year, after an effort by a competing bidder didn’t proceed.
Fannie will take the first losses on the transaction, with additional losses borne by Bayview and investors in the deal. That’s a change from the typical CRT from Fannie where a third-party like Bayview isn’t involved.
A ruling by a district court on a cybersecurity incident at Lakeview Loan Servicing could create challenges for other financial entities under the work-product doctrine.
The MBS is stocked with investment-property mortgages eligible for sale to the GSEs. Bayview Asset Management last issued a non-agency MBS on its Oceanview shelf in October 2022.