Relative value has little meaning as investors need to protect capital and get back on-sides given the dramatic market movement in past few sessions. Greenwich took down its basis position (though still has small long vs. swaps). Keeps its exposures light until things settle down. Trades that make sense are those offering the best hedge adjusted carry. In this vein, lower loan balance cuspy coupons and newer production paper offer the best opportunities. 15-year and 20-year MBS have massively underperformed 30-year of late but don’t seem appealing given Greenwich’s view on carry. GNMAs still outstrip conventionals and remain a better fade.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
5h ago -
With a high proportion of fixed-rate, interest-only underlying loans, the notes have almost no amortization, and three CRE loans have standalone, investment-grade opinions.
8h ago -
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