{"id":515,"date":"2014-06-30T10:02:38","date_gmt":"2014-06-30T14:02:38","guid":{"rendered":"http:\/\/newviewadvisors.com\/commentary\/?p=515"},"modified":"2014-06-30T10:02:38","modified_gmt":"2014-06-30T14:02:38","slug":"hremic-2014-first-half-issuance","status":"publish","type":"post","link":"https:\/\/newviewadvisors.com\/commentaries\/2014\/06\/30\/hremic-2014-first-half-issuance\/","title":{"rendered":"HREMIC 2014 First Half Issuance"},"content":{"rendered":"<p>HREMIC issuance for the first half of 2014 was $2.37 billion, with 12 transactions underwritten by 4 different sponsors. \u00a0Bank of America Merrill Lynch continues its reign as market leader with a 43% market share, issuing a little over $1 billion of HREMICs.\u00a0 RBS was second with 3 issuances totaling $741.7 million, and Stifel was third with 3 transactions for $472.4 million.\u00a0 Nomura rounded out the pack with one transaction for $138.4 million.<\/p>\n<p>First half issuance is roughly on pace with 2013 volume.\u00a0 For all of 2013, 6 underwriters sponsored 26 transactions for $4.9 billion.\u00a0 The record was 2012, when 31 transactions were issued for slightly more than $6 billion.<\/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 style=\"text-align: center;\">\u00a0<a href=\"http:\/\/newviewadvisors.com\/commentary\/wp-content\/uploads\/2014\/06\/HREMIC-2014-First-Half-Rankings-for-Blog.xlsx.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-519\" title=\"HREMIC 2014 First Half Rankings for Blog.xlsx\" src=\"http:\/\/newviewadvisors.com\/commentary\/wp-content\/uploads\/2014\/06\/HREMIC-2014-First-Half-Rankings-for-Blog.xlsx.jpg\" alt=\"\" width=\"448\" height=\"181\" srcset=\"https:\/\/newviewadvisors.com\/commentaries\/wp-content\/uploads\/2014\/06\/HREMIC-2014-First-Half-Rankings-for-Blog.xlsx.jpg 700w, https:\/\/newviewadvisors.com\/commentaries\/wp-content\/uploads\/2014\/06\/HREMIC-2014-First-Half-Rankings-for-Blog.xlsx-300x120.jpg 300w\" sizes=\"auto, (max-width: 448px) 100vw, 448px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HREMIC issuance for the first half of 2014 was $2.37 billion, with 12 transactions underwritten by 4 different sponsors. \u00a0Bank of America Merrill Lynch continues its reign as market leader with a 43% market share, issuing a little over $1 billion of HREMICs.\u00a0 RBS was second with 3 issuances totaling $741.7 million, and Stifel was [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-515","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/515","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=515"}],"version-history":[{"count":11,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/515\/revisions"}],"predecessor-version":[{"id":527,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/posts\/515\/revisions\/527"}],"wp:attachment":[{"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/media?parent=515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/categories?post=515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newviewadvisors.com\/commentaries\/wp-json\/wp\/v2\/tags?post=515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}