Finance

The forced liquidation of more than $20 billion of positions linked to the firm roiled stocks from Baidu Inc. to ViacomCBS Inc., casting a spotlight on the opaque world of leveraged trading strategies facilitated by some of Wall Street’s biggest names.

The proceeds are expected to be reinvested into agency mortgage-backed securities, which already make up 93% of Annaly's portfolio.

But UWM says the provision is designed to protect against a broker double-locking the loan and is used by other lenders.

Volumes were at a record high in the final quarter of 2020 but lenders didn’t make quite as much since gains on loan sales to the secondary market fell.

The San Diego-based company produced $10.6 billion in the fourth quarter, and has done $6.1 billion in the first two months of 2021.

A PIMCO-sponsored HELOC securitzation, as well as a mortgage-insurance linked transaction, are the latest examples of issuers getting a head start on switching to an expected replacement benchmark for Libor.

The delinquency rate on regional mall commercial mortgage-backed securities was 22.9% in February, the highest of any real estate category, according to Moody’s

The Blackstone-affiliated company recently took out a cash-out refi mortgage for a 17-property portfolio, an opportunity aided by high demand for its R&D facilities for COVID-19 research.

The company is still searching for someone to fill the roll on a full-time basis, but the $600,000 annual salary cap may limit the candidate pool.

The sponsor has refrained from multi-borrower deals since March 2020, but has pooled together 28 loan participations from 40 properties – including notable concentrations in retail and lodging.

The company posted an $88 million loss for 2020 after shutting down for nearly the entire second quarter.

The government-sponsored enterprise announced Wednesday it will change eligibility criteria for vacation homes and investor properties starting April 1 to fulfill a directive by former Treasury Secretary Steven Mnuchin.

After a booming 2020, more mortgage lenders than ever before expect diminishing margins in the coming months as climbing interest rates set up heightened competition.

Mortgage brokers are telling the company that they "are looking for another large source," according to President and CEO Willie Newman.

The bond issuance out of Fortress' CF Hippolyta master trust will finance 19 newly constructed or planned Amazon distribution and logistics facilities in 15 states.

Three announced deals from Woodward Capital, Redwood Trust and Wells Fargo are set to price before the end of the month; additional transactions are expected soon from Morgan Stanley and Goldman Sachs.

Progress toward replacement benchmarks, such as the Secured Overnight Financing Rate in the U.S. and the Tokyo Overnight Average Rate in Japan, has been sluggish, and there are hopes Friday’s announcement could accelerate the process.

The 18 centers operated by industrial real estate management firm LBA Logistics are nearly all warehouse/distribution types, with no flex-industrial space pooled into the collateral mix.

The deal is only the third post-crisis securitization of higher-risk manufactured housing assets, following deals in 2019 and 2020 that were sponsored by FirstKey Mortgage.

But profitability may have peaked. Rocket reported a 4.41% profit margin on newly originated loans last quarter but told investors on Thursday to expect margins on new loans this quarter to be around 3.6% to 3.9%.