Neutral on 30-year conventionals. Mortgages look good on OAS regression although rolls on 6s and above have come under pressure since the recent prepay report. Analysts are concerned that the best of mortgages is behind us, given the recent declines in swap spreads and volatility and the potential for extremely high prepays. Prefers select cohorts that are likely to have large concentrations of credit-impaired collateral. In 15-year conventionals, 15s have recently cheapened to 30s, and now look attractive to 30, at least in lower coupons.
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The fixed-rate loans are divided into three sub-pools that relied on rating methods from the RMBS, CMBS and ABS sectors to assess their risks.
April 18 -
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
April 18 -
The portfolio does not have any meaningful originations that have completed a full repayment cycle, making the company's performance data thin.
April 18 -
Formerly of Wells Fargo, she will coordinate several key units to create a structure for a sustained capital markets program that capitalizes on recent innovation and growth in home equity finance.
April 17 -
The Structured Finance Association questions whether funding closed-end seconds is an appropriate role for the government-sponsored enterprise, while newer lenders welcome the liquidity support.
April 17 -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17