HMBS

HMBS: Another Twist in the Secondary Market 

I’ve always been fascinated with the pace and magnitude of change that the reverse mortgage industry has faced in the last few years. From the days when Fannie Mae was the dominant buyer, to the development of the private-label securitization market, to today’s Ginnie Mae HMBS market, the winds of change have ended the business of some firms and accelerated the business of others. Moreover, such change has threatened the viability of the industry itself. The fact that the industry continues to exist and has several firms that are thriving is truly a remarkable accomplishment and speaks to the resiliency