FOA sets debt exchange to extend maturity dates
Finance of America has $350 million of notes coming due next year and wants to trade them for $200 million of secured debt coming due in 2026 and $150 million maturing in 2029.
Capital markets
NYMT raises funds via notes to buy more residential assets
New York Mortgage Trust's 9.125% notes due 2029 may help fund new purchases of mortgages and securitizations in the private or agency markets.
Freddie second-lien decision derided by opponents
But those in opposition are still giving the agency props for how it carried out the new product approval process for the first time.
RMBS issuances highest in two years
Home price appreciation and favorable economic factors have led to consistent loan performance, but prepayments are increasing with an uptick in housing turnover, according to Morningstar DBRS.
FHFA approves controversial Freddie second lien program
The move allows Freddie Mac to start purchasing certain second lien mortgages, but establishes limits on how much volume it can do.
Fears about Freddie second lien program overblown, analyst says
If approved by the Federal Housing Finance Agency, the program will not lead to large amounts of home equity being extracted, nor is it mission creep, wrote Keefe, Bruyette & Woods analyst Bose George.
How mortgage investments may evolve as bank share shrinks
Stakeholders are watching carefully as the 2023 crisis and a capital proposal increase banker wariness of mortgage assets, speakers at Invisso's MBS Forum said.
Climate change, stifled mergers and other challenges facing banks and investors
Institutions and their investors are facing pressure from climate activists, cautiously awaiting interest rate cuts and adjusting to new Federal Reserve and FDIC policies.
Ginnie Mae President Alanna McCargo to retire
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
Sculptor launches latest fund to buy riskiest CLO slices
The venture, dubbed Sculptor Loan Financing Partners, will manage investments in the equity tranches of Sculptor's own CLOs in the U.S. and Europe.
Ginnie Mae issues warning about higher prepayments
The Department of Housing and Urban Development agency warned in an online notice that issuers with prepayments exceeding certain limits could face sanctions.
New Ginnie Mae MSR-related note transactions emerging
KBRA recently assigned low-end investment grade designations to Freedom Mortgage and Pennymac transactions that involve interests in Ginnie Mae mortgage servicing rights.
Ginnie Mae updates doc submission process
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
New York Community lands $1B capital infusion led by Mnuchin, Otting
Former Trump administration officials Steven Mnuchin and Joseph Otting are headlining an investment group that's seeking to rescue the troubled Long Island lender. Otting is expected to serve as CEO, and Mnuchin will have a board seat.
BlackRock Manager Predicts 40% Jump in Bank Risk Transfer Deals
Basel Endgame rules will dramatically boost the capital provisions banks have to set aside to backstop lending, with the burden falling most heavily on big money center banks.
Janus Henderson’s head start for CLO ETFs pays off big time
Contenders see plenty of room for the market of EFTS investing in CLOs to grow. The question is if they can potentially usurp some of banks' dominance in AAA-tranche investing.
By
John Hintze
FHFA extends credit modernization timeline
The changes made to the schedule of bringing advanced credit metrics to major mortgage investors Fannie Mae and Freddie Mac affect bi-merged reports and Vantagescore 4.0's implementation.
Fannie Mae’s earnings up along with higher home values
The company was able release credit reserves because of actual and forecasted prices that boosted net income, CEO Priscilla Almodovar said.
Freddie Mac’s profits rise with steadying home price growth
The government-sponsored enterprise financed 955,000 mortgages last year, down from the 1.8 million loans it backed in 2022.
Delinquent loans on GSE books lowest since 2019
But Fannie Mae and Freddie Mac conducted no private-market sales of nonperforming loans early last year as adjustments were made to the program.
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