The timing lag between primary market originations and MBS issuance led to a sharp increase in securitization rates in the first quarter of 2022. (Includes data chart.)
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Bank holding companies reported a hefty 17% decline in the value of MBS in trading accounts during the first quarter. ABS and commercial MBS investment was up slightly. (Includes data chart.)
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Sponsors of non-agency mortgage-backed securities have been busy of late. One goal is to clear out older, lower-yielding paper. At least two recent deals fit the bill and more could be on the way.
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When the financial outlook weakens, equity prices suffer and debt prices soon follow. Mortgage REITs are no exception. But overall, the cohort is holding up better than nonbank lender/servicers.
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The $74 million loss on a commercial MBS conduit loan lines the pockets of investors, like Carl Icahn, who have shorted brick-and-mortar retail.
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The REIT has built up strong residential and MSR businesses to diversify risk and support its agency prowess. And while it’s held back on increasing leverage, once volatility declines, all that may change.
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