Ginnie Mae annnounced that it will be removing the current $417,000 loan limit for VA loans that the agency will accept for securitization effective Sept. 1. Considering the limited availability of credit for jumbo loans currently in the private market, RBS Greenwich Capital analysts believe this will draw a suprisingly large amount of interest from veterans. Analysts from RBSGC also noted that GNMA spreads are now trading down, with market players expecting increased issuance and changing loan characteristics in these securities. They noted that VA loans now make up merely 30% of GNMAs, and this most recent move from the Agency could increase that percentage. One question, however, that analysts are looking at is whether GNMAs with loans over $417,000 would be TBA eligible, or whether they would have to trade as specified pools.
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The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
4h ago -
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
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 -
Institutions and their investors are facing pressure from climate activists, cautiously awaiting interest rate cuts and adjusting to new Federal Reserve and FDIC policies.
April 23 -
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22 -
Price guidance was not available on the series 2024-1, the database notes that the series 2024-2 class A notes are expected to price between 63 and 65 basis points over the three-month interpolated yield curve.
April 22