$200M ag-backed loan securitization receives provisional rating
The securitization has a reserve account of 1% of the initial series note balance funded fully at closing.
By
Amilda Dymi
Economy
Nonbanks made the majority of purchase mortgages in 2021
Non-depository institutions originated an even greater share of all home loans compared to the year before, according to the Federal Financial Examination Council’s latest analysis of Home Mortgage Disclosure Act data.
The challenges in underwriting for today’s self-employed borrowers
While longtime non-QM companies have originated mortgages in the segment for years, new contenders have come into the market as the number of potential customers who fit into the category grows.
After pain at the pump comes the electric shock
Americans are reminded about high gasoline prices daily, every time they drive. Another energy cost comes to their attention monthly: utility bills.
Single-Family Investors Acquisition Spree Slows
The share of homes purchased by investors peaked last October with the highest monthly percentage observed in CoreLogic data history (26.9%). But by December, the investment surge mirrored house price growth and investor share fell to 20.4%.
Entergy Louisiana to raise $3.1 billion in system restoration bonds
Entergy Louisiana’s system restoration property encompasses a large service territory that spans 58 parishes, serving about 1.1 million electric customers.
Daly says Fed should hike rates expeditiously to neutral by year-end
U.S. central bankers should move expeditiously and raise interest rates to neutral — the level which neither speeds up or slows down the economy — by the end of the year, Federal Reserve Bank of San Francisco President Mary Daly said.
Last-resort Fed hike enters debate as Bullard invokes 1994 move
The Federal Reserve’s most hawkish official cracked open the door to discussing the first 75-basis-point interest rate hike since 1994, a move economists say would be a last resort in case inflation further spirals out of control.
Goldman’s Hatzius sees chance Fed may need to hike rates past 4%
The Federal Reserve may need to raise interest rates “significantly” higher than it currently expects to cool an overheated U.S. economy, Goldman Sachs Chief Economist Jan Hatzius said.
Biden administration again pauses student loan payments
The Biden administration once again extended the pause on student loan payments enacted to help borrowers during the COVID-19 pandemic, this time through the end of August.
DTE Energy raises $235 million in ABS amid shift to clean energy
Power supply and distribution customers are virtually identical, but the trust will not cross-collateralize the two revenue streams to service the debt.
Mortgage forecast raised, but geopolitical risks loom
The Mortgage Bankers Association now predicts slightly more purchases even with higher rates, but the Ukraine situation could change that.
How the Fed’s plans for its portfolio could affect mortgages
In addition to hinting at a March rate hike, the central bank this week announced an intention to have Treasury securities make up a greater share of its holdings, which has implications for securitized home loans.
IMF cuts 2022 world economic-growth forecast to 4.4% on weaker U.S., China outlooks
While the IMF sees the omicron variant weighing on growth in the first quarter, it expects the negative impact to fade starting in the second quarter, assuming that the global surge in infections abates.
Fannie Mae promotes two longtime leaders to key positions
Chryssa Halley, who has been with the company since 2006, was named CFO and Jim Holmberg was named controller.
SFRHub, Altisource partner to serve surging investor-purchase demand
The two companies will integrate platforms to streamline sales in the single-family, build-to-rent property market.
Navient’s latest student loan securitization pools loans to high-earning borrowers
Robust salaries are a plus, but concentrating loans in a few well-paying fields presents different risks.
PG&E issues $860 million in recovery bonds to address wildfire fallout
The securitization is backed by an irrevocable financing order that empowers the issuer to impose, collect and receive fixed recovery charges (FRC), from retail customers.
Housing starts fell last month, led by multifamily slowdown
While September's single-family starts were unchanged from the prior month, multifamily activity fell 5%, according to government data.
MBA raises volume forecast even with uncertainty over fiscal policy
Changes in the Fed, including the replacement of Jay Powell as chairman, might shift the board back to a dovish economic position.
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