Credit Suisse weighs break with trading unit that minted billions
As new Chief Executive Officer Ulrich Koerner seeks to move past two years of scandals and losses that have shaken the bank to the core, the era of the SPG may finally be ending.
MBS
Freddie Mac’s STACR aims to raise $1 billion-plus in MBS
Notes are slated to mature on June 25, 2042, and the mortgages are financing property types like one- to four-family residences and planned unit developments.
Seasoned, FHA-insured home loans secure $302.9M Lakeview Trust deal
The success of the seasoned loan pool depends on the servicer’s expertise in handling prescriptive HUD deadlines and procedures for filing claims.
Non-QM loans with prime characteristics secure MFA 2022-NQM2 Trust
Although the mortgage collateral was short on full documentation underwriting, the borrowers in the pool have high incomes and plenty of liquid reserves.
Woodward Capital and Rocket Mortgage aim to raise $337.9 million in MBS
Borrowers in the pool are well off, with median annual income of $315,283, non-zero weighted average (WA) asset reserves of $406,325 and high residual income.
Goldman holds steady as it preps $572 million prime jumbo MBS
The home prices of the pool are 9.2% above a long-term sustainable level, compared with 9.2% nationally as of April 2022, down 1.4% since last quarter.
New York Fed’s Williams to seek equilibrium through MBS runoff, even purchases
Purchasing mortgage-backed securities—and that strategy is not out of the question as the central bank works to promote equilibrium in the housing markets over time.
An all-investor loan portfolio powers the Barclays Mortgage $329.4 million MBS deal
Virtually the entire portfolio, or 92.2% of the collateral pool, was underwritten using personal and business bank statements, or profit and loss statements.
Amid Fed rate raise, investors see a less aggressive tightening campaign
The Federal does not plan to reinvest maturing securities, so if maturing balances are lower than those being capped, then the runoff pace might be slower.
Angel Oak returns with $394.5 million MBS, this time as aggregator
Multiple originators outside of Angel Oak contributed to the pool, but none represented more than 16% by percentage of the pool balance.
OBX preparing a May MBS windfall through prime jumbo, non-prime deals
Together, the deals OBX programs will issue about $850.5 million in prime jumbo and non-prime RMBS paper, and are expected to close on May 10.
CSMC’s latest funds non-QM mortgages with $561.9 million
Almost the entire deal will issue notes through a senior-subordinate capital structure repaying principal sequentially, instead of on a modified sequence.
Mortgage Connect seals ADFITECH acquisition
With ADFITECH as a held company now, Mortgage Connect says it is well equipped to be a linear provider of credit, compliance and servicing review services.
Investment property backs $418.4 million MBS offering from Oceanview
Lenders financed the properties through first-lien, fixed-rate mortgage loans, most of which were on 30-year terms extended to prime borrowers, many self-employed.
Wall Street touts a ‘buy MBS, sell credit’ trade on Fed bets
Anticipation of the Federal Reserve’s balance-sheet reduction is weighing on bonds backed by mortgages, but the actual event may make them an attractive alternative to corporate debt.
U.S. mortgage rates hit 5% for first time since early 2011
Higher mortgage rates are adding to pressure on would-be buyers in a market where purchase prices are still skyrocketing two years into the pandemic housing boom.
Ellington Financial Mortgage Trust moves to raise $425.6 million in MBS
The loans in the pool, all of which are fixed-rate and first lien, have an average balance of $426,504, and the top five loan balances account for 3.4% of the pool.
Ginnie Mae floats $437.6 million, on early buyouts and REOs
Almost all of the underlying loans had been pooled in Ginnie Mae MBS deals, but the loans had been repurchased after they became seriously delinquent.
GS Mortgage-Backed Trust prepares to raise $440 million in MBS
Only about 1.0% of the mortgage assets in the collateral pool are for the respective borrowers’ personal use, and qualify as mortgages under Regulation Z.
Single-family rentals secure $1.2 billion FirstKey transaction
Secured by a single Morgan Stanley first-lien mortgage, the SFR is the largest deal since the program priced its $2 billion transaction in July 2021.
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