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Read more: HMBS struggles to reach $6 billion annual total; Record Low Issuance Likely for 2014HMBS issuers sold $628 million in new pools during November 2014, the third highest monthly issuance this year, but down from last month’s $690 million. This brings the year-to-date total to just under $6 billion. It is all but certain that 2014 will be the lowest full year of issuance since 2008, when HMBS was…
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Read more: Will Factor Rate Fracture HECM’s Fate? Present Value and the Future of HECMDuring FHA’s 2014 fiscal year, the following events occurred: Home prices increased about 5% nationwide. FHA’s Home Equity Conversion Mortgage (“HECM”) reverse mortgage program shifted from production of predominantly fixed rate loans to predominantly adjustable rate loans. Thousands of seasoned loans paid off and were replaced by a FY 2014 vintage with lower Principal Limit…
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Read more: HMBS Issuance Bounces Back; Tails Wag the Dog Again With Record Number of PoolsHMBS issuers sold $690 million in new pools during October 2014, the second highest monthly issuance this year, second only to January’s $711 million total. Last month’s total was $498 million. 106 pools were issued, the most ever, consisting of 59 original issuances and 47 tail pools. By comparison, HMBS issuance totaled $761 million in…
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Read more: HMBS Pool Level Prepayment Speeds – September 2014 -
Read more: HMBS Issuance Falls Below $500 millionHMBS issuers sold $498 million in new pools during September 2014, only the fourth month since May 2009 with less than $500 million in HMBS issuance. Last month’s total was $518 million. 80 pools were issued, consisting of 42 original issuances and 38 tail pools. By comparison, HMBS issuance totaled $662 million in September 2013,…
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Read more: HMBS Issuer 2014 First 9 Months League Tables – RMS On Top But AAG GainingRMS led all HMBS issuers for the first 9 months of 2014 with $1.06 billion of securities for an almost 23% market share. RMS has been the consistent leader of HMBS issuance the last four years though AAG has steadily climbed the rankings to second since receiving Ginnie Mae issuer approval in 2013. AAG has…
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Read more: HREMIC 2014 First 9 Months – Where Have All the Sponsors Gone?HREMIC issuance for the first 9 months of 2014 was $3.75 billion, with 19 transactions underwritten by 4 different sponsors. Bank of America Merrill Lynch remains the market leader with a 44% market share, issuing a little over $1.6 billion of HREMICs, $630.3 million of which was in the third quarter. RBS was second with…
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Read more: HREMIC Prepayment Data – August 2014The August 2014 reporting period data for HREMIC prepayment speeds can be found here. The securities are listed in chronological order, by class, and prepayment speeds use the Dollar Amount Method, defined previously. HREMIC collateral consists of HMBS, which are Ginnie Mae guaranteed pass-through securities backed by pools of participations of HECMs, which are FHA-insured reverse mortgages.…
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Read more: HMBS Pool Level Prepayment Speeds – August 2014As of August 31, 2014, $48.7 billion of HMBS are outstanding, representing a growth in supply of $240 million over July. Life to date issuance of HMBS now totals $52.8 billion. The August 2014 HMBS pool level prepayment report can be found here. HMBS are Ginnie Mae guaranteed pass-through securities backed by pools of participations…
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Read more: HMBS Market Avoids DownturnHMBS issuers created $518 million in new HMBS pools during August 2014, the third largest monthly HMBS issuance this year, up slightly from last month’s $507 million. 91 pools were issued, consisting of 46 original issuances and 45 tail pools. By comparison, HMBS issuance totaled $744 million in August 2013, and averaged nearly $800 million…