Lehman also noted Ginnie Mae's putting out a proposed rule to start the Ginnie excess servicing program. But compared to conventionals, there has been very little excess servicing retained by the agency, although the new program would likely result in the rise of I/Os retained by Ginnie originators. Potential sources of demand for Ginnie I/Os are accounts needing the explicit government guaranty and choosing to invest in these I/Os for the yield or to short the market as well as buysiders looking for hedges in a slowing housing market. Ginnie I/Os are, according to analysts, more leveraged to the housing market compared to their conventional counterparts with Ginnie borrowers having relatively weaker credit.
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Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
8h ago -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24 -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24 -
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23 -
Lendbuzz sells the notes as it juggles mixed performance results from 2023. Originations and revenues saw huge jumps, but so did operating expenses.
April 23