With ABS prices on top tier names and sectors generally reflecting fair value, value opportunities are somewhat limited. However, as fixed income investors “pour into credit” reaching for yield, subordinate ABS offers significantly improved relative value versus unsecured Corporates. Hence, the firm has increased r allocation on subordinate ABS to overweight .On the consumer credit side, the March employment report was softer than expected with a total loss of 465,000 jobs over the past two months. Remains wary of subprime names given our view that consumer credit trends may be more susceptible to downside risks than the market anticipates.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
There are two series, 2024-1 and 2024-2, that have revolving periods—three for the 2024-1 and five for the 2024-2—during which noteholders will not receive any principal.
March 28 -
The trust employs a 24-month revolving period. There is an increased risk that collateral quality could deteriorate as the transaction evolves with new collateral.
March 27 -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27