Why distressed loans are scarce but market activity is up
Interest rate-related developments have reportedly created an environment where more mortgage firms are interested in selling and investors are eager to buy.
Capital markets
Mortgage credit at tightest in over 10 years
Industry consolidation has resulted in fewer conventional and government loan programs being offered to consumers.
Mortgage rate sentiment jumps to survey-record high
December's shift in Federal Reserve policy gave a notable boost to the share of consumer respondents who think the affordability of home financing will improve.
CMBS delinquencies drop but new bankruptcy shows issues persist
The delinquency rate that Kroll Bond Rating Agency tracks improved last month but JER's recent Chapter 11 filing and 2024 forecasts suggest it's still under pressure.
US 10-year yield ending 2023 almost exactly where it started
The year-end yield on the bond, a global anchor for markets and U.S. mortgage rates, is the culmination of a stunning rebound for Treasuries.
RBC: Rally makes stocks vulnerable, U.S. recession still likely
The U.S. may be less rate-sensitive than other countries due to its long-term mortgages but could face tighter credit from hard-hit financial institutions.
Global bond ‘carnival’ sets stage for record two months
Mortgage-backed securities' strong showing since mid-October defies a textbook theory that they typically underperform other types of bonds when yields are falling.
Deb Jones on why 2024 could be a ‘transition year’
Citizens' SVP and director of mortgage secondary and capital markets reflects on what her experience with past cycles suggests about where this one may be headed.
Recession in ’24 still more likely than soft landing, Fannie Mae says
While the government-sponsored enterprise cut its origination forecast for this year, the Mortgage Bankers Association's updated forecast was unchanged from its October prediction.
RMBS issuance should continue to slide in 2024, S&P says
High interest rates and constrained inventory will take its toll on originations and securitization activity in 2024, the rating agency commented.
HELOC, nonagency securitization could grow long term, leaders say
Though home mortgage issuance has slumped in line with originations, new potential bank capital rules and increased consumer debt consolidation could boost activity for these two subsets in the secondary market.
Fitch downgrades Finance of America on losses in strategic shift
While the company's long-term issuer default rating has slipped a little, affiliates of Blackstone that have a higher one back the reverse mortgage player.
PNC becomes the latest bank to take advantage of regional bank failures
In a deal arranged by the Federal Deposit Insurance Corp., the Pittsburgh bank has bought a portfolio from the wreckage of Signature Bank. The purchase should help PNC expand its fund banking business, which helps private equity firms manage liquidity and finance investments in the short term.
Raft of commercial mortgage bond ratings were slashed, Bank of America says
Credit ratings were cut on the highest number of commercial mortgage-backed securities in "recent memory" last week, according to strategists at Bank of America Corp.
Pennymac REIT may fund asset acquisitions with new notes
The real estate investment trust arm of two affiliate mortgage-related companies could reduce other debt and finance purchases of loans, servicing or securities.
Bank owned by private equity investors bets big on fund finance
Despite an industrywide rough patch, EverBank still sees promise in the niche business line. The Jacksonville, Florida, company has hired a pair of prominent industry experts to lead a new division tasked with serving investment funds.
Fannie Mae selling billions of dollars worth of reperforming loans
The mortgages are part of a program that received congressional scrutiny earlier this year.
Freddie Mac updates student loan guidance as pandemic relief ends
Lenders will be adjusting to new mandates regarding mortgage applicants that don't have payments for education debt on their credit reports.
Freddie Mac looking for new CEO at critical juncture
Michael DeVito has been able to grow the government-sponsored enterprise's net worth, but at the current pace and without a rule change, it could take 10 years to build enough capital to exit conservatorship.
Blackstone’s flagship private credit fund lands $2.4 billion
The hefty inflows highlight a broad rebound for private credit strategies in the second quarter, during which 34 new funds raised $71.2 billion, more than double compared with the previous three months.
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