MBS

We believe the Fed has raised rates too high, too quickly, without taking the appropriate time to observe the effects that such drastic changes will have on our economy.

Everything from housing to mergers and acquisitions are being upended, especially after 30-year US Treasury bond yields this week punched through 5% for the first time since 2007.

Purchases of new single-family homes fell 8.7% to a 675,000 annualized pace following an upward revision to July's figures, government data showed Tuesday, marking the largest drop in nearly a year.

Now that the liquidations are nearly over, money managers will be able to turn their attention to the higher coupon mortgage bonds being produced today, effectively an increase in demand.

MFA has a step-up coupon for the senior classes, where after four years they pay the lesser of a 100 basis-point increase to the fixed coupon, or the net WA coupon rate.

The program will market more fixed-rate tranches to investors, changing course from PRKCM's previous sale which offered notes all pegged to the three-month I-Curve.

The new business will take in money from insurance companies and invest in mortgages and in private structured credit. It will look to draw business from an insurance industry that's "looking to diversify.

While the collateral pool consists of a mix of fixed- and adjustable-rate mortgages, CHNGE Mortgage 2023-4's notes are priced to the three-month interpolated curve.

After a challenging 2022, fund flows reverted to positive territory in 2023 even though higher interest rates and wider spreads have considerably reduced the supply of securitized product.

GCAT 2023-INV1 will issue notes from a structure of super-senior through subordinate notes, which will also feature initial exchangeable notes, and an excess servicing class.