Sep. 4, 2014, 1:22 PM
- The FlexShares Disciplined Duration MBS Index Fund (NASDAQ:MBSD) will invest in pass-through securities that have been issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation or the Government National Mortgage Association, as stated in the prospectus.
- Managed by Northern Trust, this is the 16th FlexShares fund currently available to investors
- "Our Disciplined Duration MBS Index Fund is designed to reduce effective duration volatility while providing incremental yield potential and fixed income diversification," said Shundrawn A. Thomas, Head of Northern Trust's Funds and Managed Accounts Group, in a press release.
- Other mortgage-backed security ETFs: CMBS, MBB, GNMA, VMBS, MBG, COBO
Jan. 16, 2014, 3:32 AM
- The number of foreclosure filings dropped to the lowest level since 2007 last year, declining 26% to 1.36M properties, RealtyTrac says. The figure is less than half of the peak of 2.9M properties in 2010.
- States with the highest foreclosure rates in 2013 were Florida, Nevada, Illinois, Maryland and Ohio.
- The number of foreclosure processes started plunged 33% to 747,728, the lowest since RealtyTrac began tracking the data in 2006. Bank repossessions plummeted 31% to 462,970 properties, the least since 2007. (PR)
- Relevant tickers: PHM, MHO, TOL, KBH, RYL, HOV, SPF, FNMA, FMCC
- ETFs: ITB, XHB, MBB, MBG, VMBS, CMBS, COBO
Sep. 11, 2013, 6:49 AM
- Richmond in California has approved a plan for the city to become the first in the country to forcibly acquire underwater mortgages using the power of "eminent domain," which enables governments to seize private property for a public purpose.
- The idea is for the council to work with investor group Mortgage Resolution Partners to buy delinquent mortgages at deep discounts to the associated properties' market valuations, make the loans more affordable for home owners and avert foreclosure.
- However, critics fear that the program could hurt the market for mortgage-backed securities, provoke lawsuits and endanger Richmond's finances.
- The FHFA has said it will press Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) to limit or cease business where eminent domain is approved, a move that would shut off most mortgage financing in the affected areas.
- ETFs: MBB, MBG, VMBS, CMBS, COBO
Jun. 21, 2013, 5:45 AMHolders of mortgage bonds may be facing billions of dollars of undisclosed losses after a review of investor documents showed that individual houses are being reported as being in foreclosure long after they've been sold or the loans paid off. The reporting lag has enabled banks and servicers to continue charging investors monthly fees, and could lead to new litigation. The companies involved include Bank of New York Mellon (BK), Wells Fargo (WFC), Ocwen Financial (OCN) and Bank of America (BAC). | Jun. 21, 2013, 5:45 AM | 6 Comments
Jul. 5, 2012, 5:50 AMCalifornia's San Bernardino County and two of its biggest cities, Ontario and Fontana, want to use the concept of eminent domain to forcibly buy underwater mortgages from investors, lower the loan principal to match the value of the property, and then resell the reduced mortgages. Proponents believe they have a strong legal case, but mortgage investors are unsurprisingly opposed. (See Shiller) | Jul. 5, 2012, 5:50 AM | 5 Comments
Apr. 16, 2012, 12:03 PM
Apr. 8, 2012, 9:00 AMThe most exciting returns are to be had from an asset class where those who know it best love it least. Add MetWest's Tad Rivelle (MWTRX) to the list of star bond-fund managers bearish on Treasury prices. He's finding the best values in emerging-market corporate bonds, high-yield paper, and nonagency MBS. | Apr. 8, 2012, 9:00 AM | 1 Comment
CMBS vs. ETF Alternatives
The iShares Barclays CMBS Bond Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays Capital U.S. CMBS (ERISA Only) Index.
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