More stable and somewhat higher rates brought banks back and revived the interest in various CMO structures. Additionally, even more so than before the rally, the duration offered by CMOs is unavailable in other mortgage products. Consequently, while banks focus on short CMOs, long structures enjoy the attention of duration-seeking accounts. The most dealable coupons are 30-year 5s and 15-year 4.5s. For duration-minded investors, recommends last-cash-flow PACs and sequentials backed by current-coupon new collateral. Among shorter trenches, favors deals backed by 15-year collateral for prepayment risk profiles.
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Note payments are linked to two tranched credit default swap (CDS) transactions, one related to the reference obligation between the issuer and SoFi Bank and SoFi Lending and the Issuer.
3h ago -
The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.
8h ago -
During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.
9h ago -
The fixed, tax-exempt notes have about 137.5% in expected senior bond parity and 124.1% in subordinate bond parity levels.
11h ago -
Moody's took note of several credit strengths in the portfolio, including that on a weighted average (WA) basis, the contracts have a weighted average FICO score of 767 and only a point higher for the upsized pool.
April 30 -
Plaintiffs seeking class certification claim the bank uses an underwriting system that discriminates against minority mortgage applicants.
April 30