At the American Securitization Forum's (ASF) conference underway in Las Vegas, many of the industry panels looked back at 2007 and reflected on how the market reached to its current state. Participants also looked forward into this year, realistic about the market's limited growth prospects, yet reiterating their faith in the securitization structure. Many participants also said the market is at a crucial turning point. In his speech, Sanjeev Handa, head of global public markets at TIAA-CREF, as well as chairman of the ASF said that the market is currently at a crossroad where it faces great challenges. How ABS professionals respond to these will have a "significant influence over the future of the market." Handa outlined several factors that would position the market for a stronger future. Every market participant, from issuers and underwriters to rating agencies, should act responsibly, he said. Keeping an eye on credit performance is one way. Handa also mentioned transparency, emphasizing that the securitization business has very diverse sectors, and there should be a focus on providing the best information necessary to suit particular instruments. "Legislators are focused on our market," he also said, adding that mortgage finance reforms are national in scope and the goal is to have uniform lending standards. If lawmakers do act, care should be taken so that they do not artificially restrict the availability of credit and threaten long-term market liquidity. Such restrictive moves include vesting new rights to bankruptcy courts and overriding rights in legal contracts.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
There are two series, 2024-1 and 2024-2, that have revolving periods—three for the 2024-1 and five for the 2024-2—during which noteholders will not receive any principal.
March 28 -
The trust employs a 24-month revolving period. There is an increased risk that collateral quality could deteriorate as the transaction evolves with new collateral.
March 27 -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27