The production coupons (30-year 5s, 15-year 4.5s) look fairly priced vs. non-mortgage alternatives. With dollar rolls special, overweight this sector, at the expense of the 5-year part of the Treasury or Agency curve. Neutral on higher coupon mortgages (6s and above). They look cheap, but offer little carry at speeds expected the next few months. Duration on these securities is low or negative; they will do phenomenally well in a rate backup. Likes GNMA 5.5s much better than conventional counterparts. With 30-year [6 + 6.5]s representing almost 60% of 30-year outstandings, pay up for specified pools in these coupons.
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Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
27m ago -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
9h ago -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24 -
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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