{"id":428,"date":"2014-04-11T08:41:35","date_gmt":"2014-04-11T12:41:35","guid":{"rendered":"http:\/\/newviewadvisors.com\/commentary\/?p=428"},"modified":"2014-04-11T08:43:03","modified_gmt":"2014-04-11T12:43:03","slug":"hremic-2014q1-issuance","status":"publish","type":"post","link":"https:\/\/newviewadvisors.com\/commentaries\/2014\/04\/11\/hremic-2014q1-issuance\/","title":{"rendered":"HREMIC 2014Q1 Issuance"},"content":{"rendered":"<p>HREMIC issuance for the first quarter of 2014 was off 41% from the first quarter of 2013, with just 6 transactions totaling $957 million.\u00a0 \u00a0Only 1 HREMIC was issued in March. In the first quarter of 2013, 8 transactions totaling $1.66 billion were issued.<\/p>\n<p>Bank of America Merrill Lynch continues its dominance in the space with a 56% market share, issuing $538.4 million of HREMICs.\u00a0 Stifel was second with 2 issuances totaling $300.8 million, and RBS had one transaction for $118.2 million.<\/p>\n<p>HREMIC collateral consists of HMBS, which are Ginnie Mae guaranteed pass-through securities.\u00a0 HMBS are backed by pools of participations of HECMs, which are FHA-insured reverse mortgages. \u00a0This double layer of government guarantee, combined with the relatively high coupon and favorable prepayment patterns of the underlying loans, results in very favorable execution, even when compared to other Ginnie Mae \u201cforward mortgage\u201d securities.<\/p>\n<p>New View Advisors compiled these rankings from publicly available Ginnie Mae data.<\/p>\n<p><a href=\"http:\/\/newviewadvisors.com\/commentary\/wp-content\/uploads\/2014\/04\/HREMIC-Issuance-2014Q1-FINAL.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-429\" title=\"HREMIC Issuance 2014Q1 FINAL\" src=\"http:\/\/newviewadvisors.com\/commentary\/wp-content\/uploads\/2014\/04\/HREMIC-Issuance-2014Q1-FINAL.jpg\" alt=\"\" width=\"700\" height=\"268\" srcset=\"https:\/\/newviewadvisors.com\/commentaries\/wp-content\/uploads\/2014\/04\/HREMIC-Issuance-2014Q1-FINAL.jpg 700w, https:\/\/newviewadvisors.com\/commentaries\/wp-content\/uploads\/2014\/04\/HREMIC-Issuance-2014Q1-FINAL-300x114.jpg 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HREMIC issuance for the first quarter of 2014 was off 41% from the first quarter of 2013, with just 6 transactions totaling $957 million.\u00a0 \u00a0Only 1 HREMIC was issued in March. In the first quarter of 2013, 8 transactions totaling $1.66 billion were issued. Bank of America Merrill Lynch continues its dominance in the space [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-428","post","type-post","status-publish","format-standard","hentry","category-hremic"],"_links":{"self":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/comments?post=428"}],"version-history":[{"count":6,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/428\/revisions"}],"predecessor-version":[{"id":438,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/428\/revisions\/438"}],"wp:attachment":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/media?parent=428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/categories?post=428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/tags?post=428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}