Capital markets

Two Wall Street firms and a single-family rental investor have purchased portions of the government-sponsored enterprise's latest nonperforming loan package.

The $146 million deal could indicate that volume in the asset class has gotten large enough to support programmatic activity in the pricey housing market.

Common Securitization Solutions has disbanded a group of independent board members originally brought on in early 2020 to look into using the government-sponsored enterprises’ platform to serve a broader market.

Both third-party lenders will purchase conforming loans with balances of $625,000 — 14% higher than the current limit — in anticipation of regulators' action.

While PLS loans still represent a sliver of the overall mortgage market and are nowhere near the $1 trillion level seen before the Great Recession, issuance jumped markedly this year.

Despite the increase, adjustments to single-family loan terms aimed at making payments more affordable remain historically low at the government-sponsored enterprises. But they could grow in line with forbearance expirations soon.

The company will return to selling pieces of its credit exposure to private investors during the last three months of the year, but is still evaluating its strategy for 2022.

In a recent securitization with Capital One, RBC Capital Markets gave a bigger role to small firms owned by minorities and women. It’s one example of how banks are striving to be more inclusive.

While overall volume was down in August, it remained historically strong, particularly in the securitized market for home equity withdrawal loans made to borrowers age 62 and up.

The Rhode Island bank has entered into an agreement to acquire JMP Group, which focuses on the health care, technology, financial services and real estate sectors.

The government bond insurer allowed lenders to become “eIssuers” a little over a year ago, and the move contributed to a large surge in electronic notes this year.

The extension in the number of days investors are locked out of the process comes amid a broader push by the Biden administration to boost access to affordable housing.

Refinancing, high home prices, the concentration of pandemic-related hardships in the FHA market, and the lingering impact of last year’s market disruption all likely played a role in the intensified discrepancy.

While the hot market’s actual and forecast home price gains were key drivers of Fannie’s results, they also present a challenge to the affordable housing mission that it’s working to address.

Those handling loan modifications anticipate a growing secondary market for loans in forbearance as they budget cautiously for additional alterations of regulations down the road.

More than 97% of venture backing goes go white-owned startups. Firms like Mendoza Ventures, Chingona Ventures and MaC Venture Capital are stepping in to support underserved entrepreneurs.

There’s a new unicorn in Latin America: Clip, a payments fintech in Mexico targeting small and midsize companies.

DeVito takes over on June 1, replacing interim CEO Mark Grier, who returns to his seat on the government-sponsored agency's board.

The company provides a secondary market outlet for its retail and wholesale lending corporate sibling as well as for small balance commercial loans.

Investment Management Corp. of Ontario is investing $400 million to a customized portfolio, with the goal of capitalizing on Are’s all-weather approach, taking advantage of opportunistic dislocations and market inefficiencies. The remaining $100 million will be allocated to the flagship Ares Pathfinder fund.