MBS Market Strategies
|
|
- Allen Wells
- 5 years ago
- Views:
Transcription
1 U.S. Housing & the MBS Market in Review and 2015 Outlook Contents Mortgage Activity and Housing - Refinance applications down 53% from the peak but recently increasing, a 500%+ surge in multifamily housing starts, and increasing rental demand despite soaring rents Financial Strategies Group Drew Simmons Vice President dsimmons@gobaker.com (866) Mortgage Credit - Credit availability still historically low, and implications of the FHFA s attempt to widen the credit box via FN/ FH 97% LTV loan programs New Trends in US Housing - A shift in household formation, homeownership still well below peak but near the long term average, and a slowdown in home price appreciation MBS Fundamentals - Spread tightening, low spread volatility from stable prepays in 2014, tight correlation of MBS and UST yields, MBS supply, and the Fed s impact on demand Rising Rates - A review of the tightening cycle in 2003 compared to a potential 2015 rising rate environment and the relative impact on MBS depreciation by coupon 2014 Prepayments - Overall slowdown in speeds with the main outlier being pools serviced by Quicken, the convergence of speeds in specified pools and a look at extension protection in specified pools FHA MIP Changes and the Impact on GNMA Speeds Are Prepayment Risks Behind Us? Recommendations Contact Information The Baker Group LP Headquarters 1601 NW Expressway, 20th Floor Oklahoma City, OK (800) Austin, TX 1700 Rio Grande, Suite 120 Austin, TX (888) Birmingham, AL 2204 Lakeshores Drive, Suite 213 Birmingham, AL (855) Indianapolis, IN 8365 Keystone Crossing, Suite 0 Indianapolis, IN (866) Salt Lake City, UT 2975 West Executive Pkwy, Suite 139 Lehi, UT (800) Springfield, IL 901 Community Drive Springfield, IL (888) Page 1
2 New-Normal for the U.S. Housing Market From , the housing market experienced the most expansive refinance wave in history as a result of record low rates and the success of HARP 2.0. Agency MBS prepayment speeds were far less volatile in 2014 as a result of subdued refinance activity and lackluster growth in home purchases. Through January 21st, 2015 the Mortgage Bankers Association s (MBA) refinance index was more than 50% below the levels of (Exhibit 1). The U.S. Census Bureau s gauge of total housing and building starts reached 1,089,000 through December 2015, slightly up on the year. The most intriguing development with housing starts has been the revival of multi-family construction. Single family (1-unit) starts have increased 92% from the 2009 lows while multi-family (2+ unit) starts surged more than 500% (Exhibit 2). Many economists feel this is indicative of the new normal for U.S. housing...more renters and fewer buyers. Exhibit 1 - MBA Refinance Index: 20-Today historically increase along with single-family units as the economy recovers from a previous recession (red bars). What s different this time is the precipitous decline in single-family units after nearly 20yrs of growth. According to data from the U.S. Census Bureau, the median asking rent and single family starts increased in tandem from 1991 through Fast forward to today and single family starts are down 62% while the median asking rent is 26% higher (Exhibit 4). Moreover, these two indices are moving in the opposite direction from their historical averages. Since 1959, single-family units are 34% lower while the median asking rent is 40% higher...hardly reverting to the mean. The catalyst has been tight lending standards coupled with tepid wage growth. Exhibit 5 from Bank of America shows the MBA s Mortgage Credit Availability Index (MCAI) is 86% lower than the Exhibit 3 - Single (Yellow) vs Multi-Family (Blue) Starts: 1963-Today Exhibit 2 - Single (Yellow) vs Multi-Family Starts (Red): 2008-Today Exhibit 4 - Single-Family Units (Yellow) vs Median Asking Rent (Blue): 1963-Today New Normal or Reversion to the Mean? An ever-increasing number of families and individuals are renting their homes, resulting in the largest percentage increase of multifamily starts since As shown in Exhibit 3, multi-family starts peak from 2Q It s no surprise that U.S. homeownership has fallen to the lowest since 1995 at 64.4%. However, the long term average is just 1% higher (Exhibit 6). Our December th publication highlighted the Federal Housing Finance Agency s Page 2
3 (FHFA) attempt to widen the credit box with the revival of 95% LTV loan programs from Fannie Mae and Freddie Mac. It remains to be seen if these types of loan programs will be a healthy avenue to increase homeownership. What s undesirable is an increase in homeownership attributed to unconventional private lending practices that led to the housing crisis. Exhibit 7 - MBA Purchase Index: Today The recent activity from the MBA s purchase index is another example of a fundamental shift in household formation. Weekover-week purchases fell 6.87% from the December 17th report and down 1.84% year-over-year. More importantly, recent purchase volume has been hovering near 20yr lows and 34% lower than the average since 1990 (Exhibit 7). Virtually every measure Exhibit 5 - MBA Mortgage Credit Availability Index: 2004-Today Exhibit 8 - Case Shiller National Home Price Index Exhibit 6 - U.S. Homeownership: Today of housing activity shows lackluster growth with the exception of home prices. Exhibit 8 shows the seasonally adjusted national home price index from Case Shiller. The housing crisis contributed to a 26% decline in home prices but have since recovered to only % below the 2007 highs. While the recovery in home values has been positive, recent price gains have decelerated. From August 2013 to February 2014, year-over-year gains averaged.6% but have since slowed to 4.81% as of September MBS Spread Volatility Fannie 15yr current coupon spreads against the 5yr Treasury Note tightened by more than 50% to end 2014 at 43bps. Fannie 30yr spreads against a 5yr/yr Treasury blend fell to a lesser extent, 34bps tighter to 92bps (Exhibit 9). Lower spread volatility and a more stable prepayment environment have led to a higher correlation of MBS yields and Treasuries over the past year. As shown in Exhibit, the correlation of current coupon FN 15yrs and the 5yr Treasury Note has been 82-93% since October of Current coupon FN 30yrs showed an even higher correlation to the 5yr/yr Treasury blend, staying above 90% during the same period. Refi burnout was the main driver for stable prepays and therefore lower spread volatility in 2014 despite 30yr mortgage rates falling by more than 50bps. Spreads were also kept in check with the absence of policy shocks such as HARP 2.0 in 2012 or the taper tantrum of All things being equal, a continuation of less basis risk and stable prepayments that reduce convexity could contribute to similar spread volatility for Page 3
4 Exhibit 9 - MBS Spreads Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr MBS Spreads FN 15yr & 30yr Current Coupons May-13 Jun-13 Jul-13 Aug-13 Fannie 15yr Current Coupon - UST 5yr Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Fannie 30yr Current Coupon - UST 5yr/yr Blend Source: Bloomberg LP, The Baker Group LP Exhibit a - FN 15yrs to UST 5yr Correlation Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Exhibit b - FN 30yrs to UST yr/5yr Correlation Exhibit 11 - Agency MBS Holdings: 2000-Today Supply and the Fed s Impact on Demand The end of QE3 will require private investors to step up to the plate in the Fed s absence of MBS purchases. Exhibit 11 from J.P. Morgan provides a historical perspective of MBS holdings by the major buyers since In 2014, the Fed eclipsed the private sector to the tune of nearly $230bn of MBS purchases. Fortunately, the historically low supply of Agency MBS in 2014 is expected to continue in 2015 so the private sector will need to absorb less slack. Exhibit 12 from J.P Morgan shows that 2014 was the lowest Agency MBS gross issuance since 2006 with a similar projection for Exhibit 12 - Agency Gross Issuance: 2000-Today Source: J.P. Morgan Page 4
5 While 2015 will be a transition year for MBS demand, the Fed isn t completely out of the game with roughly $20bn in monthly MBS paydowns to be reinvested through December When the Fed stops their reinvestments, the biggest impact will be in the lower coupon TBA market. As shown in Exhibit 13, 84% of 30yr purchases were in 3-4% coupons while 82% of 15yr purchases were in 2.5-3% coupons. Exhibit 13 - Fed MBS Holdings Federal Reserve MBS Holdings by Coupon Distribution $1.729 Trillion 15yrs - $206 Billion 82% in 2.5-3% Coupons 30yrs - $1.5 Trillion 84% in 3-4% Coupons Exhibit 15 - Fannie Mae 15yrs by Coupon: GN II 30yrs 0% 0% 31% 39% 24% 5% 1% 0% GN I 30yrs 0% 0% 29% 23% 12% 23% 12% 0% FN 30yrs 0% 1% 28% 26% 29% % 4% 2% FH 30yrs 0% 0% 27% 27% 26% 12% 6% 1% FN 15yrs 7% 48% 32% 8% 3% 1% 0% 0% FH 15yrs 5% 52% 35% 7% 1% 1% 0% 0% Source: The Federal Reserve, The Baker Group LP Impact of Rising Rates by Coupon Current expectations have the Fed beginning to raise rates in June or September 2015 in incremental steps. A good proxy to gauge the impact to MBS in a rising rate environment is most likely the tightening cycle from Exhibit 14 shows the yr Treasury compared to Fed Funds during this period. The funds rate was incrementally increased from 1% to 5.25% while the yr treasury sold-off in 3 distinct periods. Exhibit 14 - yr Treasury (Blue) vs Fed Funds (Yellow): Exhibit 15 shows the impact on Fannie 15yrs during these periods with lower coupons experiencing the worst price depreciation. At the time, the lowest coupons in the Fannie 15yr stack were 4s which experienced a -7.3% price decline during the first sell off, -6.8% in the second and -6.5% in the third. However, price declines within Fannie 15yr 6s were far more defensive. The 6s depreciated by -1.7%, -2.5% and -3.4% in the 3 respective periods of rising rates. Period Coupon % Decline Px Decline FN 15yr % -1.7pts FN 15yr % -2.9pts #1 FN 15yr % -4.3pts FN 15yr % -5.8pts FN 15yr % -7.4pts FN 15yr % -2.5pts FN 15yr % -3.5pts #2 FN 15yr % -4.8pts FN 15yr % -6pts FN 15yr % -6.8pts FN 15yr % -3.6pts FN 15yr % -4.8pts #3 FN 15yr % -5.2pts FN 15yr % -5.7pts FN 15yr % -6.4pts By 2007, the 2003 tightening cycle resulted in an inverted yield curve that began much steeper than today with higher nominal yield levels. The economy was also heating up at a much more rapid pace, especially in the housing sector. The old cliché of this time is different holds true as the Fed will be more patient in the face of low-inflation. Regardless of the pace of the next tightening cycle, the current environment suggests the Fed won t push back rate hikes much further. Investors of high coupon MBS pools had to endure some of the fastest prepayments on record during the refi wave. However, as rates begin to rise, higher coupon MBS pools should have less price depreciation. This is especially true with the absence of the Fed s demand in lower coupon pools. High coupon, seasoned specified pools with attractive loan level attributes such as low loan balances will provide the best relative value. Page 5
6 2014 MBS Prepayments Prepayments over the past year were relatively benign for Agency MBS pools, a welcomed change from the warp-speeds of Over the past 12 months, aggregate Fannie and Freddie 15yrs paid 7-11 CPR with Ginnie 15yrs at a slightly faster clip, topping out at 13.7 CPR (Exhibit 16). Thirty year pools paid in the low teens for Fannie and Freddie while Ginnies reached 17.9 CPR in July (Exhibit 17). Exhibit 16-15yr Agency MBS Speeds mo CPR Year Fixed MBS Historical Prepayment Speeds 6 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 FNMA FHLMC GNMA I GNMA II Exhibit 17-30yr Agency MBS Speeds mo CPR Year Fixed MBS Historical Prepayment Speeds 8 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 FNMA FHLMC GNMA I GNMA II Outlier - Servicer Speeds Although aggregate speeds were slower and less volatile compared to , a few themes played out in 2014 that may continue to impact prepayments in The predominate theme for the year was the prepay disparity between non-bank servicers and traditional/ banking servicers. Over the past few years, many of the larger banks were forced to sell their mortgage servicing rights due to a reduction in capacity. As shown in Exhibit 18 from Bank of America, this opened the door to a larger share of servicing rights by non-bank servicers. Servicing rights by non-banks have nearly doubled since May 2013 to 30%. The mortgage market was extremely competitive in 2014 amid an appetite for loan volume as refi demand plummeted. This, coupled with stagnant demand for home purchases, created an environment where non-bank servicers were highly aggressive by either competing on rate or by targeting lower credit borrowers. For more than a year, the most notorious of which was Quicken Loans. Exhibit 18 - Non-Bank Servicer s Share of MBS Exhibit 19 shows the average 12mo CPR for the top 5 servicers of Fannie 30yr 4.5s. Quicken s 12mo prepay ratio relative to the cohort was 1.67x, 55% more than the next fastest payer, BofA which paid just a touch faster than the cohort at 1.08x. The rest of the top 5 servicers (all banks) have paid pretty much in-line with the cohort over the past 12 months. Part of Quicken s strategy appears to target slightly lower credit borrowers. Within Fannie 30yr 4.5s, Quicken s average FICO is 721 compared to a 744 average FICO for the cohort. Quicken also has a higher average loan-to-value at 80% compared to the cohort of 75% (Exhibit 20). While the difference is admittedly small, reaching just slightly down the FICO range for top tier credit pricing (i.e. the best available note rate) could easily pull business away from the major banks with more stringent underwriting criteria. Exhibit 19 - FNCL 4.5% Top 5 Servicer Speeds US Bank -> 0.97x COHORT -> 1.00x Wells Fargo -> 1.02x Citi -> 1.03x Bank of America -> 1.08x Quicken -> 1.67x FNMA 30yr 4.5% - 12mo CPRs Exhibit 20 - FNCL 4.5% Top 5 Servicer FICO/LTV Servicer Name 12mo CPR FICO LTV Quicken Bank of America Citi Wells Fargo US Bank COHORT Page 6
7 Specified Pools and the Impact of Rising Rates The low level of prepay speeds from the lack of refi activity in 2014 led to a convergence of speeds within loan level attributes. Fannie 30yr 4.5s of 20 began 2013 with <85K loan balance pools paying as much as 20 CPR slower than those with loan balances greater than $225K. By January 2014, that disparity had tightened to just 4 CPR (Exhibits 21 & 22). As of the most recent November print, with 30yr mortgage rates 50bps lower, the gap slightly widened to just under 7 CPR, reminding investors of the value of low-loan balance collateral even as the market prepares to raise rates. Exhibit Speeds by Loan Balance CPR FNCL s by Loan Size CPR slower than the 400K+ loan balance group. The disparity of speeds by loan balance isn t nearly as drastic as the rate refi wave of , but any form of extension protection as rates rise will be valuable. Exhibit 23 - FNCL 4s vs LLB Payups <85K 85K-1K 1K-150K 150K-175K 175K-225K 225K+ Exhibit Speeds by Loan Balance CPR FNCL s by Loan Size Exhibit 24 - Loan Balance Speeds When Rates Rise FNMA 30yrs of 2003 by Max Loan Size 2006 Average CPRs <85K 85K-1K 1K-150K 150K-175K 175K-225K 225K+ The convergence in speeds by loan balance have naturally led to payup compression for low-loan balance pools. Exhibit 23 from J.P. Morgan shows that while prices for generic Fannie Mae 30yr (FNCL) 4s are near early 2013 levels, the payups for LLB FNCL 4s are nearly 0 ticks lower. This suggests that LLB pools are relatively cheap as demand for prepay protection has steadily declined. However, LLB pools also offer slightly more extension protection as rates rise. In the same way that lower loan balance pools have less incentive to refinance as rates fall, there s also less disincentive to refi (or move/relocate) as rates rise. Exhibit 24 shows the average CPR on Fannie Mae 30yrs of 2003 when 30yr mortgage rates increased about 0bps during the first six months of Pools with balances of $99K or less paid about K 0-199K K K 400K+ Other specified pools such as those with high concentrations in investor and/or vacation properties have also converged relative to their respective cohorts. As shown in Exhibit 25, using Fannie Mae 15yr 20s as an example, pools with more than a 50% concentration in investor properties paid an average 19.7 CPR from compared to 25.3 CPR for the cohort. However, this relationship flipped in Investor pools averaged 14.8 CPR over the past 12 months with the cohort averaging 13.2 CPR. This has led to a similar reduction in demand and therefore lower payups. Page 7
8 Two factors generally elevate investor prepayments relative to generics; rising rates and lenient credit standards. Rising rates are generally coupled with a healthy economy, easier credit and increasing asset values, namely home prices. As HPI increases, owners of investment properties are incentivized to capture their equity for reinvestment or debt reduction. Lenient credit standards provide more cash-out refi options for investment properties as well as widened flexibility with LTV and income limits. Exhibit 25 - FNMA 15yrs of 20 - Investor Prepays Average CPR FNCI 20s - Average CPRs Cohort A look at the same 2006 period from Exhibit 24 supports the notion of faster prepays within investor collateral as rates rise. Here, we review Fannie Mae 15yrs of Before the Fed started raising rates in 2004, 15yr mortgage rates hovered around 4.5-5%. The biggest spike came in the first 6 months of 2006 when the 15yr mortgage rate climbed about 75bps to 6%. Exhibit 26 shows that pools with at least 50% investor collateral paid an average 11.3 CPR in 2006 compared to 9.1 CPR for the cohort. However, when rates started to fall, investor pools began to pay slower than the cohort and by 2009 their roles completely reversed with the cohort paying 2.8 CPR faster. Exhibit 26 - FNMA 15yrs of Investor Prepays Average CPR % Investor FNCI 2003s - Average CPRs Cohort 50-0% Investor GNMA Speeds On January 7th, 2015 the U.S. Department of Housing and Urban Development (HUD) announced a reduction in the annual Mortgage Insurance Premiums (MIP) for FHA loans. After nearly 5 years of increasing MIPs to offset losses in the FHA s insurance fund, the annual MIP will be reduced to 85bps. The 50bp reduction marks the lowest since April 2011 and applies to both purchase and refinance borrowers for terms greater than 15yrs. Exhibit 27 shows that annual MIPs have incrementally increased since June 20 when it stood at 50bps. The biggest impact is expected within recent vintage Ginnie Mae 20yr and 30yr pools (paying the highest annual MIPs) with high concentrations of FHA loans. These vintages consist of originations with coupons of %. According to Citi s Yieldbook projections, these cohorts could experience a 3-6 CPR increase (Exhibit 28). Exhibit 27 - FHA s Annual MIP Changes Since 20 History of FHA MIPs Period Annual Upfront Prior to June June 20 - Oct Nov 20 - Apr May Apr May Mar Apr Dec New Changes Exhibit 28 - CPR Projections: Select GNMA Cohorts Are Prepayment Risks Behind Us? Despite talk from the Fed for rate hikes this year, the FHA s MIP changes present future prepayment risks within GNMA pools. And although burnout was the main theme in 2014 with refinance activity down significantly from 2013, prepayment risks have taken center stage with mortgage rates at 18mo lows. The MBA s report of mortgage applications from the second week Page 8
9 in January this year showed the biggest week-over-week gain on record, up nearly 50% with refinance applications reaching the highest volume since July A deeper dive into the refi data reveals the mortgage industry s primary target - high balance/jumbo loan borrowers. The recent surge in refis along with the Oct 17th report produced the two highest readings of the average loan size for refinance applications since the series began in As shown in Exhibit 29, the average refi loan size increased to an impressive $306K on October 17th, 2014 and most recently to $286K. Exhibit 29 - MBA Average Refinance Loan Size An increase in prepayment speeds is expected this March from February prepayments. Due to the abnormally high average refi loan size, jumbo and high loan balance collateral should experience the fastest paydowns while low loan balance pools will be the most defensive. For the short term, pools with the biggest prepayment risks are jumbo loan collateral and/or high loan balance pools, recent vintage GNMA 30yrs with high concentrations of FHA loans, and recent vintage 30yrs and 15yrs serviced by non-bank servicers. On a longer term outlook, investors should prepare to add more extension protection through seasoned 20yr-30yrs and shorter term 15yr and yr specified pools. Fortunately for LLB and investor pools, speeds are generally faster than their respective cohorts as rates rise. Recent vintage Ginnie Mae 30yrs have an incentive to reduce their annual MIPs, and will experience faster speeds over the next few months. However, Ginnie pools offer good relative value as rates rise. FHA and VA borrowers tend to experience higher overall turnover due to a combination of a more mobile demographic and credit curing. Within CMOs, anchoring cashflows on the short-end with PAC structures and high coupon collateral will help improve liquidity for the institution s funding capacity. The current level of rates will increase prepayments in the interim but is unlikely to translate into the hyper-fast speeds witnessed in The remaining borrowers who refi this year will only exacerbate refi burnout going forward. This year will be defined yet again by the Fed s direction, and current expectations are that rate hikes will begin by year-end. Regardless, investors should stress test the portfolio under multiple rate scenarios on an ongoing basis. Recommendations The US economy continues to improve but weak global growth has led to a strong dollar and a flight to US Treasuries that has driven rates to 18mo lows. The uncertain rate environment for 2015 suggests that MBS investors should seek a balance of pools that offer prepayment and extension protection. With the potential exit of the Fed s MBS purchases from paydowns, lower coupon TBA pools are expected to be impacted the most on the demand side. Investors should focus on high coupon collateral in 2015 to improve the portfolio s defensive position in the event of rising rates. In light of the aforementioned disparity in servicer speeds, concentrations in pools serviced by the major, tier-one servicers such as Wells, J.P. Morgan Chase, Citi, and BofA are preferred under both rising and falling rate scenarios. Along the same vein, retail pools will help mitigate prepay risks for in-themoney coupons compared to pools with high concentrations of third-party originated loans. The compression in prepay speeds of specified pools relative to generics in 2014 led to suppressed demand for collateral such as LLB and investor concentrations. However, with the recent drop in rates and increase in refinance activity, demand for prepayment protection has returned. Page 9
Fighting Margin Compression in a Zero Rate Environment
FHLBank Topeka 2013 Annual Management Conference Fighting Margin Compression in a Zero Rate Environment April 25, 2013 Presented by: Ryan Hayhurst, Manager Financial Strategies Group ryan@gobaker.com 800.962.9468
More informationMBS Market Update: Reconsidering the Fed
Title Presenter Date MBS Market Update: Reconsidering the Fed Walt Schmidt, CFA March, 214 Four Main Themes (While We Wait for Future) The Fed has BEGUN to unwind extraordinary assistance. Certainty about
More informationNESGFOA Economic Assessment Impact on Rates
NESGFOA Economic Assessment Impact on Rates September 18, 2017 Not FDIC Insured May Lose Value No Bank Guarantee Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. For institutional
More informationLunchtime Data Talk. Housing Finance Policy Center. Mortgage Origination Pricing and Volume: More than You Ever Wanted to Know
Housing Finance Policy Center Lunchtime Data Talk Mortgage Origination Pricing and Volume: More than You Ever Wanted to Know Frank Nothaft, Freddie Mac Mike Fratantoni, Mortgage Bankers Association October
More informationWelcome to the GSE Multifamily Forum Session Monday, June 8, :00am 12:30pm Astor Ballroom 7 th Floor, Marriott Marquis
Welcome to the GSE Multifamily Forum Session Monday, June 8, 15 11:am 12:pm Astor Ballroom 7 th Floor, Marriott Marquis Incoming Chair: Eric Draeger, Berkshire Property Advisors Incoming Chair-Elect: Mitchell
More informationBalance Sheet Strategies For Changing Rate Environments Asset/Liability Management Seminar
Balance Sheet Strategies For Changing Rate Environments Asset/Liability Management Seminar Pasadena & Concord, CA April 25-26, 2017 Ryan W. Hayhurst - Managing Director ryan@gobaker.com 800-962-9468 Market
More informationIvan Gjaja (212) Natalia Nekipelova (212)
Ivan Gjaja (212) 816-8320 ivan.m.gjaja@ssmb.com Natalia Nekipelova (212) 816-8075 natalia.nekipelova@ssmb.com In a departure from seasonal patterns, January speeds were 1% CPR higher than December speeds.
More informationAgency MBS: Still Attractive for Now
MANAGER INSIGHT Agency MBS: Still Attractive for Now By Ian Anderson, Portfolio Manager, Agency MBS Strategist KEY TAKEAWAYS We foresee modestly positive excess returns for agency MBS versus Treasurys
More informationThe Mortgage and Housing Market Outlook
The Mortgage and Housing Market Outlook National Economists Club Washington, DC March 27, 2008 Frank E. Nothaft Chief Economist Recession Risk, Housing Contraction Worsen 1-in-2 chance of recession in
More informationThe Office of Economic Policy HOUSING DASHBOARD. March 16, 2016
The Office of Economic Policy HOUSING DASHBOARD March 16, 216 Recent housing market indicators suggest that housing activity continues to strengthen. Solid residential investment in 215Q4 contributed.3
More informationNowhere to Go But Up? How Increasing Mortgage Rates Could Affect Housing
FEBRUARY 218 Nowhere to Go But Up? How Increasing Mortgage Rates Could Affect Housing With your interest rates this high high high How am I ever gunna own what I buy - My Own Place by Terri Hendrix We
More informationHousing and Mortgage Market Update
Housing and Mortgage Market Update VCU Real Estate Trends Conference October 14, 29 Amy Crews Cutts, PhD Deputy Chief Economist Recession Risks Still Elevated, Housing Contraction Ongoing Recession risks
More informationTwo Harbors Investment Corp.
Two Harbors Investment Corp. Webinar Series October 2013 Fundamental Concepts in Hedging Welcoming Remarks William Roth Chief Investment Officer July Hugen Director of Investor Relations 2 Safe Harbor
More informationQ Supplemental Materials. July 27, 2018
8 Q2 2018 Supplemental Materials July 27, 2018 Disclaimers Forward-Looking Information This presentation contains forward-looking statements and information. Statements that are not historical facts, including
More informationInterest Rate Strategy
Interest Rate Strategy Rates moved steadily higher across the yield curve during the 1st quarter with some modest flattening on the long end. The 2-year U.S. Treasury yield finished the quarter at 2.27%,
More informationThe US Housing Market Crisis and Its Aftermath
The US Housing Market Crisis and Its Aftermath Asian Development Bank November 16, 2009 Table of Contents Section I II III IV V US Economy and the Housing Market Freddie Mac Overview Business Activities
More informationBalance Sheet Strategies For Changing Rate Environments
Balance Sheet Strategies For Changing Rate Environments Moss Adams 2017 Credit Union Conference Portland, OR June 22 nd, 2017 Ryan W. Hayhurst Managing Director ryan@gobaker.com 800 962 9468 Credit Union
More informationInvestment Strategies For 1 st Quarter 2016
Investment Strategies For 1 st Quarter 2016 Conference Call will begin at 11:00am CT, lines open at 10:50am CT Audio: 855 749 4750 Access Code: 928 643 950# You can also listen to the conference call audio
More informationMORTGAGE STRATEGY Monthly Report
JANUARY 16, 219 MORTGAGE STRATEGY Monthly Report SOMA Impact on MBS P. 2 The FOMC surprised the market with a brief discussion about the potential to sell MBS assets out of SOMA in the minutes from the
More informationInvesting in Mortgage-Backed Securities
Investing in Mortgage-Backed Securities Scott Wood Portfolio Strategist September 20, 2018 Securities offered through ProEquities, Inc., a registered Broker-Dealer and Member of FINRA and SIPC. Protective
More informationInvestment Strategies for 1 st Quarter 2015
Investment Strategies for 1 st Quarter 2015 Conference Call will begin at 11:00am CT, lines open at 10:50am CT Audio: 855-749-4750 Access Code: 929 460 526 You can also listen to the conference call audio
More informationMBA Economic and Mortgage Finance Outlook
MBA Economic and Mortgage Finance Outlook January 19, 2016 Presented by Joel Kan Mortgage Bankers Association Summary of the MBA Outlook 2015 2016 2017 2018 2019 GDP Growth 1.9% 1.8% 2.0% 1.8% 1.8% Inflation
More informationQ Supplemental Materials. April 27, 2017
Q1 2017 Supplemental Materials April 27, 2017 Disclaimers FORWARD-LOOKING INFORMATION This presentation contains forward-looking statements and information. Statements that are not historical facts, including
More informationRoger Nord, CIMC Banking Trends Strong
Banking AUTHOR Roger Nord, CIMC Vice President Investment Strategist Wells Fargo Private Bank KEY POINTS Central California-based banks and credit unions are experiencing strong growth in their loan portfolios,
More informationHousing and Credit Markets Outlook
Housing and Credit Markets Outlook FTA Revenue Estimating Conference Springfield, IL Amy Crews Cutts, SVP Chief Economist October 7, Equifax Inc. Government Shutdown and Debt Ceiling! As of October 1 st
More informationNormalizing the Fed Balance Sheet: Practical Considerations
Normalizing the Fed Balance Sheet: Practical Considerations Laurie Goodman Co-Director, Housing Finance Policy Center Urban Institute FRB of NY/ Columbia SIPA New York, NY July 11, 217 Questions about
More informationAmerican Capital Agency Corp.
January 15, 2015 American Capital Agency Corp. (AGNC-NASDAQ) Current Recommendation Prior Recommendation Neutral Date of Last Change 10/15/2014 Current Price (01/14/15) $21.53 Target Price $26.00 SUMMARY
More informationAngel Oak Capital Advisors, LLC
Angel Oak Capital Advisors, LLC Angel Oak Multi-Strategy Income Fund Quarterly Review March 31, 2018 Quarter in Review Risk assets were weaker in the first quarter driven primarily by rising rates, expectations
More informationThe Mortgage-backed Securities Market: Risks, Returns and Replication. Evangelos Karagiannis Ph.D., CFA June 3, 2005
The Mortgage-backed Securities Market: Risks, Returns and Replication By Evangelos Karagiannis Ph.D., CFA June 3, 2005 Introduction The securitized mortgage-backed securities (MBS) market has experienced
More informationFHLB Symposium. Scott Buchta Head: Fixed Income Strategy. Tuesday, August 21st, 2018 Indianapolis Tuesday August 28 th, 2018 Grand Rapids
FHLB Symposium Scott Buchta Head: Fixed Income Strategy Tuesday, August 21st, 2018 Indianapolis Tuesday August 28 th, 2018 Grand Rapids FIStrategy@breancapital.com Table of Contents I. Housing Market Overview
More informationBlack Knight Mortgage Monitor
Black Knight Mortgage Monitor Mortgage Market Performance Observations Data as of May, 2014 Month-end Black Knight First Look May 2014 Total U.S. loan delinquency rate (loans 30 or more days past due,
More informationSanford C. Bernstein Investor Presentation
NMI Holdings, Inc. (NMIH) Sanford C. Bernstein Investor Presentation May 14, 2014 2014 Copyright. National MI Cautionary Note Regarding Forward- Looking Statements This presentation contains forward-looking
More informationMarket Commentary August 6, 2013
Market Commentary August 6, 2013 Over the last few months, we have been witnesses to and participants in an extremely volatile mortgage market. While much of this volatility has been driven by the eral
More informationA Note on the Steepening Curve and Mortgage Durations
Robert Young (212) 816-8332 robert.a.young@ssmb.com The current-coupon effective duration has reached a multi-year high of 4.6. A Note on the Steepening Curve and Mortgage Durations While effective durations
More informationAdvanced Asset/Liability Management
Advanced Asset/Liability Management WBA BOLT Summer Leadership Summit June 14, 2018 Presented by: Marc Gall, Vice President mgall@bokf.com 1 Agenda Asset/Liability Management Summary Developing Assumptions
More informationMBA Economic and Mortgage Market Outlook Spring Mike Fratantoni Chief Economist & Senior Vice President Research & Industry Technology
MBA Economic and Mortgage Market Outlook Spring 2015 Mike Fratantoni Chief Economist & Senior Vice President Research & Industry Technology MBA Economic Outlook 2014 2015 2016 GDP Growth 2.4% 2.5% 2.5%
More informationMortgage Securities UNITED STATES
UNITED STATES October 5, 2010 (First published on ) MARKET QUANTITATIVE ANALYSIS Mortgage Securities UNITED STATES Lakhbir S. Hayre (212) 816-8327 lakhbir.s.hayre@citigroup.com New York Robert Young (212)
More informationLoan Pricing Structure and the Nature of Interest Rates
Loan Pricing Structure and the Nature of Interest Rates S. Blake Scharlach Senior Vice President / Director of Capital Markets Sales TIB- The Independent BankersBank, N.A. S. Blake Scharlach Blake joined
More informationWeakness in the U.S. Housing Market Likely to Persist in 2008
Weakness in the U.S. Housing Market Likely to Persist in 2008 Commentary by Sondra Albert, Chief Economist AFL-CIO Housing Investment Trust January 29, 2008 The national housing market entered 2008 mired
More informationFirst Quarter 2016 Supplemental Information
First Quarter 2016 Supplemental Information May 4, 2016 Safe Harbor Notice This presentation, other written or oral communications and our public documents to which we refer contain or incorporate by reference
More informationNational Housing Market Summary
1st 2017 June 2017 HUD PD&R National Housing Market Summary The Housing Market Recovery Showed Progress in the First The housing market improved in the first quarter of 2017. Construction starts rose for
More informationMay 17, Housing Sector Overview
May 17, 2017 Housing Sector Overview Housing Finance Policy Center May 17, 2017 AFFORDABLE HOUSING: In general, housing for which the occupant(s) is/are paying no more than 30 percent of his or her income
More informationWill The Recovery Hold? By Doug Duncan Vice President and Chief Economist Fannie Mae June 17, 2010
Will The Recovery Hold? By Doug Duncan Vice President and Chief Economist Fannie Mae June 17, 2010 1 Disclaimer Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economics & Mortgage
More informationCost Cutting Has Emerged as a Focus of Lender Competitiveness
Cost Cutting Has Emerged as a Focus of Lender Competitiveness Economic and Strategic Research (ESR) Published June 21, 2018 2018 Fannie Mae. Trademarks of Fannie Mae. 1 Disclaimer Opinions, analyses, estimates,
More informationHousing & Mortgage Outlook. Frank Nothaft Chief Economist May 22, 2018
Housing & Mortgage Outlook Frank Nothaft Chief Economist May 22, 2018 Economic & Housing Outlook Effect of higher mortgage rates Inventory-for-sale remains low Less refinance, more purchase & home-improvement
More informationU. S. Economic Projections. GDP Core PCE Price Index Unemployment Rate (YE)
The Federal Reserve will likely hold short-term interest rates steady until late 2015. U. S. Economic Projections 2014 2015 2014 2015 2014 2015 Stifel FI Strategy Group Forecast 2.5% 3.1% 1.4% 1.7% 6.4%
More informationAgency Prepayments Part Two: Concepts in Agency Valuation Two Harbors Investment Corp. December 17, 2012
Agency Prepayments Part Two: Two Harbors Investment Corp. December 17, 2012 Two Harbors Investment Corp. is proud to present: Agency Prepayments Part Two:, the second segment of a two part series on prepayments.
More informationFourth Quarter 2014 Financial Results Supplement
Fourth Quarter 20 Financial Results Supplement February 19, 2015 Table of contents Financial Results Segment Business Information 2 - Annual Financial Results 12 - Single-Family New Funding Volume 3 -
More informationModerating Growth Expected in the Second Half; Housing Supply Still Lagging
Corporate Profits with IVA and CCAdj (SAAR, $, Year-over-Year % Change) Nominal Broad Trade-Weighted Exchange Value of the US$ Economic Developments July 2017 Moderating Growth Expected in the Second Half;
More informationRecent Trends in Hybrid ARMs
UNITED STATES NOVEMBER 29, 2001 MORTGAGE RESEARCH Mortgage Research UNITED STATES Debashis Bhattacharya (212) 816-8310 debashis.bhattacharya@ssmb.com New York Recent Trends in Hybrid ARMs This report can
More informationThe U.S. Housing Market: Where Is It Heading?
The U.S. Housing Market: Where Is It Heading? Anthony Murphy Federal Reserve Bank of Dallas Sul Ross State University, Alpine TX 29 October 2014 The views expressed are those of the author and do not reflect
More informationECONOMIC AND FINANCIAL HIGHLIGHTS
ECONOMIC AND FINANCIAL HIGHLIGHTS FEDERAL RESERVE BALANCE SHEET Assets and Liabilities 2-3 REAL ESTATE Construction Spending 4 CoreLogic Home Price Index 5 Mortgage Rates and Applications 6-7 CONSUMER
More informationReal Estate Market. Lawrence Yun, Ph.D. Presentation to New England REALTORS Conference. February 2, 2010 NATIONAL ASSOCIATION OF REALTORS
Real Estate Market Trends & Outlook Lawrence Yun, Ph.D. Chief Economist NATIONAL ASSOCIATION OF REALTORS Presentation to New England REALTORS Conference February 2, 2010 Housing Stimulus Impact Tax Credit
More informationBlack Knight Mortgage Monitor
Black Knight Mortgage Monitor Mortgage Market Performance Observations Data as of April, 2014 Month-end Black Knight First Look April 2014 2 Focus Points Prepayment activity and originations ARM loans
More informationLiquidity is Relevant Again
Liquidity is Relevant Again April 2019 Not FDIC Insured May Lose Value No Bank Guarantee Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. For institutional use only. l 2019 FMR LLC.
More informationReview of Northern Virginia Market Conditions and Trends
Review of Northern Virginia Market Conditions and Trends Prepared for Northern Virginia Area Association of Realtors November 12, 2011 Virginia Housing Development Authority Northern Virginia s existing
More informationInterest Rate Forecast
Interest Rate Forecast Economics January Highlights Global growth firms Waiting for Trumponomics Bank of Canada on hold Recent growth momentum in the global economy continued in December and looks to extend
More informationU.S. Residential. Mortgage Default. Performance Update. & Market Analysis
2016 U.S. U.S. RESIDENTIAL MORTGAGE DEFAULT PERFORMANCE UPDATE & MARKET ANALYSIS The residential mortgage servicing industry is worlds away from where it was six years ago at the peak of the housing crisis,
More informationEconomic Growth Expected to Slow and Housing to Stabilize in 2019
Consumer Confidence Expectations in the Next Six Months (%) Economic Developments December 218 Economic Growth Expected to Slow and Housing to Stabilize in 219 The U.S. economy is expected to grow 2.6
More informationCapital Markets Update
Capital Markets Update The Forces Transforming Markets November 2007 The Past December 2006 April 2007 The Height of the Market November 2007 Changes in Risk Tolerance Spring 2007 Rating Agencies Tighten
More informationRefinance Report August 2012
This report contains data on refinance program activity of Fannie Mae and Freddie Mac (the Enterprises) through. Report Highlights Refinance volume continued to be strong in August as 30-year mortgage
More informationWho Says Financing Has To Be Conventional
Who Says Financing Has To Be Conventional Ohio Hospital Association Annual Conference - Session #2 June 9, 2014 Kass Matt Managing Director Lancaster Pollard & Co. kmatt@lancasterpollard.com Offering Financial
More informationReleased: September 7, 2010
Released: September 7, 2010 Commentary 2 The Numbers That Drive Real Estate 3 Recent Government Action 10 Topics for Home Buyers, Sellers, and Owners 13 Brought to you by: KW Research Commentary The housing
More informationA Comparison of Several Prepayment Waves Figure 31 shows 30-year mortgage rates, as measured by Freddie Mac s weekly survey, from 1985 onward.
Lakhbir Hayre (212) 783-6349 lakhbir.s.hayre@ssmb.com Robert Young (212) 783-6633 robert.a.young@ssmb.com Mortgage rates remain close to historic lows, and as discussed in last week s commentary, a drop
More informationAre Affordability Perceptions Reducing Household Mobility and Exacerbating the Housing Shortage?
Are Affordability Perceptions Reducing Household Mobility and Exacerbating the Housing Shortage? National Housing Survey Topic Analysis Q4 2017 Published on June 27, 2018 2018 Fannie Mae. Trademarks of
More informationNational Housing & Rehabilitation Association Spring Developers Forum. Sponsors:
National Housing & Rehabilitation Association Spring Developers Forum May 7-8, 2018 Marina del Rey, CA Sponsors: NORRIS GEORGE & OSTROW PLLC ATTORNEYS AT LAW THE ARMY NAVY OFFICE BUILDING 1627 EYE STREET,
More informationProspects for Housing Finance Reform and A Plan for Eliminating Fannie Mae and Freddie Mac without Legislation. March 5, 2018
Prospects for Housing Finance Reform and A Plan for Eliminating Fannie Mae and Freddie Mac without Legislation March 5, 2018 Edward Pinto pintoedward1@gmail.com Co-director, Center on Housing Markets and
More informationA Compelling Case for Leveraged Loans
A Compelling Case for Leveraged Loans EXECUTIVE SUMMARY In the current market environment, there are a number of compelling reasons to invest in leveraged loans. In a situation where most assets are trading
More informationThe Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners February 2015 U.S. Department of Housing and Urban Development Office of Policy Development and Research
More informationConsiderations for Originating and Servicing Government Loans. Gregory A. Keith, Senior Vice President and CRO
Considerations for Originating and Servicing Government Loans Gregory A. Keith, Senior Vice President and CRO Ginnie Mae Is a Private-Public Partnership Success Story Ginnie Mae s relevance is evidenced
More informationFixed Income Update: June 2017
Fixed Income Update: June 2017 James Kochan Chief Fixed-Income Strategist Overview Political turmoil may obscure but does not usually overwhelm the economic fundamentals that drive the bond markets.. Those
More informationFlorida: An Economic Overview
Florida: An Economic Overview December 26, 2018 Presented by: The Florida Legislature Office of Economic and Demographic Research 850.487.1402 http://edr.state.fl.us Shifting in Key Economic Variables
More informationDEBT CAPITAL MARKETS EXECUTIVE SUMMARY MIDDLE MARKET LOANS
MARKET INSIGHTS 1Q 2019 DEBT CAPITAL MARKETS EXECUTIVE SUMMARY Last year was a strong year for the corporate loan markets, including middle market and ABL, leveraged loans, and investment grade. Strong
More informationHong Kong Economic Update
Irina Fan Senior Economist irinafan@hangseng.com Joanne Yim Chief Economist joanneyim@hangseng.com May 28 Hong Kong Economic Update Hong Kong s March export growth stayed low at 7.6 yoy, as exports to
More informationMortgages in a Portfolio Context is the second of a three-part series covering the role of agency MBS in a diversified fixed income portfolio.
M o r t g a g e Primer - Part 2 j a n n e y fixed income strategy Mortgages in a Portfolio Context is the second of a three-part series covering the role of agency MBS in a diversified fixed income portfolio.
More informationSBA Securities A Strategic Addition to your Portfolio
Objectives History & Characteristics SBA Securities A Strategic Addition to your Portfolio Fred Eisel Chief Investment Officer Investment Guidelines & Analysis Examples Other considerations & best practices
More informationHousing & Mortgage Market Outlook
Housing & Mortgage Market Outlook 2005 Economic Outlook Symposium Federal Reserve Bank of Chicago December 2005 David W. Berson Vice President & Chief Economist What You Want to Know: We expect economic
More informationNET ISSUANCE EXPECTED TO INCREASE
NET ISSUANCE EXPECTED TO INCREASE 900 800 700 600 500 400 300 200 100 0 Summary of Bill, Coupon, and TIPS Issuance by Treasury 2008:Q1 2014:Q1E $ Billions CMBs 13 week Bills 52 week Bills 3 year Notes
More informationMBA Forecast Commentary Joel Kan
MBA Forecast Commentary Joel Kan Economy & Labor Markets Strong Enough, First Rate Hike Expected in December MBA Economic and Mortgage Finance Commentary: November 2015 This month s outlook largely mirrors
More informationIt s Déjà Vu All Over (and Over) Again
Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Personal Consumption Expenditures (SAAR, Chn.2009$, M-o-M % Change) Q3:2009 Q4:2009 Q1:2010 Q2:2010 Q3:2010 Q4:2010
More informationUniCredit Eurozone Economist Toolbox
UniCredit Eurozone Economist Toolbox Aurelio Maccario Chief Eurozone Economist - UniCredit Group UniCredit Group Research aurelio.maccario@unicreditgroup.de Florence, 03 April 2009 GDP Tracker: Sharp GDP
More informationInvestor Presentation. Third Quarter 2018
Investor Presentation Third Quarter 2018 Information Related to Forward-Looking Statements Statements concerning interest rates, portfolio allocation, financing costs, portfolio hedging, prepayments, dividends,
More informationECONOMIC AND FINANCIAL HIGHLIGHTS
ECONOMIC AND FINANCIAL HIGHLIGHTS FEDERAL RESERVE BALANCE SHEET Assets & Liabilities 2-3 LABOR MARKETS Southeast Payroll Employment 4 REAL ESTATE Housing Starts 5 Mortgage Rates 6 MANUFACTURING Industrial
More informationAfter housing s best year in a decade, what s next?
DECEMBER 2016 After housing s best year in a decade, what s next? The year is drawing to a close and it is time to take stock of where housing and mortgage markets have been and where they likely are headed.
More informationReleased: February 5, 2010
Released: February 5, 2010 Commentary 2 The Numbers That Drive Real Estate 3 Recent Government Action 9 Topics for Buyers and Sellers 15 Brought to you by: KW Research Commentary January began the new
More informationRecap of 2017: The Best Year in a Decade
NOVEMBER 217 Recap of 217: The Best Year in a Decade Macroeconomic conditions remained favorable for housing and mortgage markets in 217. Despite challenges, the housing markets remain on track for their
More informationCredit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference
Credit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference May 13, 2008 Janet L. Yellen President and CEO Federal Reserve Bank of San Francisco Overview Financial
More informationCALLABLE BONDS: FRIEND AND FOE GIOA INVESTMENT CONFERENCE George E.A. Barbar Mesirow Financial William M. Quinn, CFA FTN Financial
CALLABLE BONDS: FRIEND AND FOE GIOA INVESTMENT CONFERENCE 2017 George E.A. Barbar Mesirow Financial William M. Quinn, CFA FTN Financial GSE Callables Market Update Quick Refresh Why? and Why Not? Friend
More informationPalm Beach County School District
Palm Beach County School District Investment Performance Review Quarter Ended March 31, 2008 Investment Advisors Steven Alexander, CTP, CGFO, Managing Director 300 S. Orange Avenue, Suite 1170 Orlando,
More informationInterest Rate Risk Basics Measuring & Managing Earnings & Value at Risk
Interest Rate Risk Basics Measuring & Managing Earnings & Value at Risk Presented By: David W. Koch Chief Operating Officer FARIN & Associates, Inc.. dkoch@farin.com 1 Session Overview Session 1 Define
More informationTwo Harbors Investment Corp. JMP Securities Financial Services and Real Estate Conference Investor Presentation
Two Harbors Investment Corp. JMP Securities Financial Services and Real Estate Conference Investor Presentation Safe Harbor Statement Forward-Looking Statements This presentation includes forward-looking
More informationand 10 year spread compressed further by an additional 34 basis points. The following table shows the yield curve at the end of the fourth quarter.
4th Third quarter real GDP grew at a 3.2% annualized rate, thereby falling in line with VAAM s forecast and above the consensus outlook. This represented the strongest quarterly growth rate since the first
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics December (October Data) Highlights During October, credit unions picked-up, in new memberships, loan balances grew at a.% seasonallyadjusted annualized
More informationAFL-CIO HOUSING INVESTMENT TRUST
AFL-CIO HOUSING INVESTMENT TRUST REACHING NEW HEIGHTS Semi-Annual Report 2017 AFL-CIO HOUSING INVESTMENT TRUST TO OUR INVESTORS Through June, the AFL-CIO Housing Investment Trust (HIT) has invested $172
More informationHome Mortgage Disclosure Act Report ( ) Submitted by Jonathan M. Cabral, AICP
Home Mortgage Disclosure Act Report (2008-2015) Submitted by Jonathan M. Cabral, AICP Introduction This report provides a review of the single family (1-to-4 units) mortgage lending activity in Connecticut
More informationThe state of the nation s Housing 2013
The state of the nation s Housing 2013 Fact Sheet PURPOSE The State of the Nation s Housing report has been released annually by Harvard University s Joint Center for Housing Studies since 1988. Now in
More informationMBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan
MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan Purchase Originations Projected to Increase Ten Percent in 2016 MBA Economic and Mortgage Finance Commentary: October 2015 In this month s
More informationNOT JUST A BOND PROXY
GLOBAL LISTED INFRASTRUCTURE: NOT JUST A BOND PROXY This research paper will explore the often misunderstood impact of interest rates on Global Listed Infrastructure and differentiate between the short
More informationThird Quarter 2018 Investor Presentation
Third Quarter 2018 Investor Presentation November 7, 2018 Legal Disclaimer FORWARD-LOOKING STATEMENTS. Certain statements in this presentation may constitute forward-looking statements within the meaning
More informationAn Introduction to Small Business Administration Floating Rate Securities
An Introduction to Small Business Administration Floating Rate Securities March 2018 Benjamin M. Clark Portfolio Strategies Group FTN Financial Outline 1. SBA securitization programs 2. Brief history of
More information