Items Tagged with 'Two Harbors'

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Two Harbors bailing on jumbo bonds already impacting mortgage market

Ripple effect already takes down one jumbo originator, for now
Two Harbors Investment Corp. shocked the mortgage industry Thursday when it announced that it planned to shutter its mortgage loan conduit and securitization business. But what about the loan originators that turned to Two Harbors to buy jumbo loans? What happens to them now that there’s one less buyer and securitizer of jumbo mortgages in the market?
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Two Harbors gives up securitization business

Also abandons mortgage loan conduit business
Once a prominent feature of the secondary mortgage market, prime jumbo residential-mortgage backed securities fell out of favor in the aftermath of the housing crisis. While the post-crisis figures paled in comparison to the pre-crisis days, there are still a number of companies actively issuing prime jumbo RMBS deals. But now, there’s one less.
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Two Harbors bringing $294 million jumbo RMBS to market

Second Agate Bay offering of 2015
Agate Bay Mortgage Trust 2015-2 is backed by 400 loans with a total principal balance of $294 million and an average loan balance of $736,131. DBRS issued a presale report for the offering and awarded more than $276 million in AAA ratings to the offering.
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From HW Magazine

REITs riding high

But for how long?
Feared rate increases are likely to come slowly given the general slowdown in global economic growth, which means even the less diversified REITs could still have a good run for the immediate future.
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Two Harbors launching this year's first jumbo RMBS

$279.5 million offering receives AAA ratings
Agate Bay Mortgage Trust 2015-1 is backed by 406 loans with a total principal balance of $279,487,083 and an average loan balance of $688,392. Fitch Ratings and DBRS both issued presale reports for the offering and both awarded nearly $260 million in AAA ratings to the offering.
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Two Harbors reverses trend and posts profit

Reports net income of $193.59 million in third quarter
For the year, Two Harbors recorded a net income of $204.1 million, down from $339.63 million in the first three quarters of 2013. But the third quarter of 2014 saw a massive reversal over the second quarter, when the company’s net income as down from $532.35 million in the first two quarters of 2013 to $10.51 million in the same period of 2014, a drop of more than 98%.
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Two Harbors unveils fourth jumbo RMBS

$356.33 million securitization receives AAA ratings from DBRS
DBRS cites the high quality of the underlying loans as a strength of the deal. “This transaction exhibits high-quality credit attributes, such as low loan-to-value ratios, strong borrower credit and full documentation on substantially all loans,” DBRS writes in its presale report.
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Two Harbors bringing another jumbo RMBS to market

$374.34 million securitization receives AAA ratings from DBRS
Two Harbors is set to bring its third Agate Bay securitization to market, in the form of Agate Bay Mortgage Trust 2014-2. The $374.34 million RMBS is backed by 543 loans with an average loan balance of $689,393.
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Two Harbors net income collapsing

Falls from $532 million in 2013 to only $10.5 million in 2014
On the other hand, the company’s comprehensive income, which factors in unrealized gains on available-for-sale securities, is up nearly 276% year-over-year, rising from $101.89 million in 2013 to $383.41 million in 2014.
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