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Ginnie Mae has issued a formal request for input regarding changes to its II Multi-Issuer Program (GII MIP). That program represents almost a third of the mortgage-backed securities (MBS) issued by the agency. The program uses an aggregation of loans from a wide variety of lender/servicer issuers and contains loans with a broad base of loan characteristics. The agency says it is vigilant about any trend that might affect investor confidence in the program, and this was noted in the recent attention paid to what was termed "churning" of loans originated through the Department of Veterans Affairs (VA) that were being rapidly prepaid through the streamlined loan process. (That issue was reported on by MND in February 2018.) Counterparty risk arose when issuers specialized in such products and
Housing News
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Ginnie Mae has issued a formal request for input regarding changes to its II Multi-Issuer Program (GII MIP). That program represents almost a third of the mortgage-backed securities (MBS) issued by the agency. The program uses an aggregation of loans... (read more)
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Rob Chrisman
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On the trading desk we would always chuckle when someone would occasionally cry out, “Oh! I was working so hard I forgot to eat!” Really? One thing is for sure, though, and that is they’re forgetting to eat at Subway Sandwiches. Sub... (read more)
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MBS Commentary
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In the day just past, bonds sold off due to what appears to be market dissatisfaction with a hawkish message from the Fed. This largely came courtesy of Powell's press conference on Wednesday, but cues may also have been gleaned by the fac... (read more)
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Housing News
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The government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac released their first quarter financial results on Wednesday. Both had slightly lower net income results for the year while only Freddie Mac reported higher income compared to the ... (read more)
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Mortgage Rate Watch
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Mortgage rates didn't move much today, but the average lender is quoting microscopically higher rates, if anything. Week-over-week, it wouldn't be unfair to claim that rates are slightly lower. Today's average news coverage suggests the same due to t... (read more)
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MBS Commentary
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Treasuries weakened today as traders continued to price out a friendly Fed. This wasn't necessarily destined to be the case after yesterday's Fed Announcement. That, in and of itself, wasn't too threatening to bonds. In fact, bot ... (read more)
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