Items Tagged with 'Real Estate Mortgage Investment Conduit'


  • Fannie Mae makes plan to draw more REIT investors into credit-risk transfers

    Proposes new structure to Connecticut Avenue Securities
    Fannie Mae proposed a new structure to its benchmark Connecticut Avenue Securities credit risk transfer program to potentially help draw in more Real Estate Investment Trust investors. If done well, the move should avoid any disruption of the To-Be-Announced Mortgage Backed Security market.
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  • Ginnie Mae to tighten MBS standards

    Lenders applying for Ginnie Mae mortgage-backed approval will find it more challenging in the coming months, according to one official."We're undergoing a philosophical re-examination of the...
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  • Two things that likely will be missing from the Treasury's GSE report

    As the American Securitization Forum comes to a close, the private-label side of the secondary market reached a clear consensus that mortgage servicing is, in fact, really important. The other consensus is that mortgages are going to cost more. More for borrowers, more for originators, more for servicers — and ultimately less yield for investors. This is somewhat of a breakthrough. Mortgage servicing remained largely ignored by the secondary side for so long, and this new desire to work together is indicative of transformation.
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  • BofA, the MBS unwind, and the other side of the coin

    The newest fight in the mess that is now the U.S. foreclosure process is a real doozy. It's the idea that securitization trusts may not actually own their own mortgages, and therefore have no standing to foreclose. A recent case involving Bank of America [stock BAC][/stock] in a New Jersey bankruptcy lit the most recent fire, after reporter Kate Berry at American Banker first reported on a ruling in the case on Nov. 22.
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  • A little bit of sanity, please

    Where to start? You might think the mortgage and banking world is ending, if you manage to read some of the financial blogs and news sources out there as of late. The world of financial writing and reporting has seemingly and collectively degraded itself into one, long version of CNBC’s Fast Money — where everyone is competing to see who can scream the loudest about the most useless information, until everyone forgets what they started talking about in the first place. This week’s column isn’t an answer to any one of them. It’s an answer to all of them.
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  • The Song and Dance of the Financial Reform Act

    President Barack Obama sent an e-mail to me on May 22, titled "they backed down." In it, he said "the House and Senate must iron out their differences before I can sign [financial reform] into law." He continues: "But the financial industry will not give up. They have already spent more than $1m per member of Congress, lobbying on this issue. And in the coming days, they will go all in. This is their last shot to stall, weaken, or kill reform, and they are not accustomed to losing." The e-mail then solicits a donation to the Democratic Party.
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  • Did Investors Really Get Double-Duped with Re-REMIC Ratings?

    Friday's downgrade, by Standard & Poor's, of several triple-A tranches of re-securitized real estate mortgage investment conduits (re-REMICs) brings to mind the early days of the crisis when it became apparent that triple-A paper isn't invincible. In looking at 12 transactions from 12 US RMBS re-REMIC, S&P lowered the ratings of 308 tranches, mainly triple-A, to junk status, mainly to triple-C.
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  • The GSEs Might Save Mortgage Rates After the Fed After All!

    The closely watched pot on my stove for the last six months, otherwise known as the Fed's MBS purchase program, is coming to an imminent end. (If you start here, you should be able to follow my posts on the subject as far back as you like. ) If you are up-to-date on the issues surrounding the Fed's departure (or insist, like an old school journalist, on getting the gist of the whole story in the lead), jump ahead to "Buyouts a Strong Technical." Otherwise, here's the brief:
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  • Cleaning Up the Private-Label RMBS Market: Not Dead, Just Imperiled

    By the end of 2009, there were signs that issuance could resume, at least modestly, in the non-agency MBS market this year. The re-REMIC market, for example, was springing into life: Amherst Securities reported in a December 9 research note that over $43bn of outstanding non-agency MBS, 95% backed by prime and Alt-A collateral, were re-securitized in the first 11 months of 2009, with November the biggest month at almost $10bn.
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