On way out, Hensarling makes final case for GSE reform
The House Financial Services Committee held a hearing to examine the outgoing committee chairman's bipartisan GSE reform bill, but lawmakers were already looking ahead.
Economic news
A messy Brexit may agitate an already shaky housing market
Average mortgage rates plunged after the United Kingdom first voted to leave the European Union. With uncertainty now growing about how Brexit will actually happen, here's a look at the implications for the housing market and mortgage lending.
Waters likely to raise affordable housing’s profile in GSE debate
The Democrat, who will likely head the Financial Services Committee, has signaled she'll make expanded housing opportunities for lower-income consumers a top priority.
Top 5% of housing market has largest declines in price growth
Volatility in the stock market caused the growth in the top 5% of average home sale prices to slow more than the rest of the market, according to Redfin.
FHA looking to extend multifamily risk-sharing program: Montgomery
The Federal Housing Administration's risk-sharing program with the Federal Financing Bank began as a temporary fix, but the agency is exploring how to make it more permanent.
Switch to SOFR term rate could cost RMBS investors
The Urban Institute's conclusion is based on estimates that one-year SOFR rates could be 25 to 50 basis points lower than the current Libor equivalent.
By
Glen Fest
Fannie Mae helps the market take another step away from Libor
Fannie Mae has priced more securities that support a transition away from the London interbank offered rate.
ABS East: Alarming lack of prep for transition to Libor replacement
Nearly 72% of attendees said their institutions were either only going to get involved “at the appropriate time” or “let the market figure out” how to move to a new benchmark.
By
Glen Fest
In deregulatory era, Trump picks a throwback for Fed board
Whereas most regulators appointed in the Trump administration are focused on rolling back the post-crisis framework, Nellie Liang helped create it.
How Trump’s trade war with China could hurt commercial lenders
If President Trump’s tariffs on steel and other products stay in place long, big U.S. importers would be hurt and pass on the pain to their midsize and small-business suppliers — which are the bread and butter of commercial lending.
By
Andy Peters
Fannie Mae issues securities to support Libor alternative
Fannie Mae has issued securities supporting the transition away from the London interbank offered rate; something that could become more pressing for lenders if adjustable-rate mortgages were to become more prevalent.
A futures pioneer bets on ‘Ameribor’ as U.S.-dollar Libor successor
Richard Sandor has been called the father of futures trading and carbon trading. His latest passion is a fledgling reference rate that is being used by a collection of small U.S. banks to price wholesale interbank financing.
By
Glen Fest
Uneasy transition: Banks prepare for Libor’s demise
The London interbank offered rate will likely be replaced by a new reference rate that critics say is better suited for the derivatives market than it is for commercial lending.
Is CLO market suffering from crisis fatigue?
After a long and ultimately successful battle to exempt managers from risk retention rules, it may be hard to engage participants in the search for a suitable replacement for Libor.
What’s lost in transition from Libor to new benchmark
The London interbank offered rate has its faults, but at least it compensates for counterparty risk; not so the benchmark being touted as a replacement.
By
Glen Fest
Libor, not quite obsolete, is getting an upgrade
The ICE Benchmark Administration is changing how banks submit interbank interest-rate quotes used to derive daily Libor rates.
By
Glen Fest
E-commerce, rebuilding disaster areas could drive CRE lending in 2018
Consumers’ desire to shop online is creating huge demand for distribution centers and forcing property owners to think creatively about redeveloping vacant retail space. Meanwhile, hundreds of billions of dollars will be spent rebuilding areas hard hit by hurricanes and wildfires.
By
Andy Peters
ABS East: February likely end of road for Yellen
Asset-backeds have long benefited from the low interest rate environment, but participants at an industry conference appear to think that the party cannot go on forever.
By
Glen Fest
When the Fed unwinds its MBS holdings, who buys?
The Federal Reserve was not an economic buyer; it accumulated its vast holdings of mortgage bonds for policy reasons; Douglas Duncan, Fannie Mae's chief economist, looks at who might step up, and at what yield.
Outlook for Spreads, Defaults Still Cloudy, Credit Managers Say
In a quarterly survey by the New York-based International Association of Credit Portfolio Managers, 57% of respondents expect wider credit spreads in U.S. investment grade debt and 70% in U.S. high yield bonds and leveraged loans over the final three months of the year. Also for the fourth quarter, 66% see rising levels of corporate defaults.
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