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Fri, Jun. 13, 3:14 PM
- Redwood Trust (RWT +3.2%) is ahead in today's session after last night announcing the formation of MPF Direct with the Federal Home Loan Bank of Chicago. MPF Direct will allow members of a FHLB to deliver residential high-balance mortgages to subsidiaries of Redwood.
- Per terms of the agreement, Redwood will be the sole investor in the program for a period of three years.
- Source: Press Release
Dec. 23, 2013, 2:22 PM
- Homebuilders and private mortgage insurers are partying thanks to incoming FHFA chief Mel Watts' weekend move to postpone an increase in fees which would have raised significantly raised mortgage costs for those with good, but not stellar credit and less than 20% to put down.
- "This is a victory for the housing finance industry," says FBR's Edward Mills. "We believe that this is the first of a series of decisions by incoming Director Watt to preserve/expand mortgage credit availability ... We view this announcement as positive for housing generally, but specifically for private mortgage insurers, originators, and homebuilders."
- Homebuilder ETFs: XHB +2%, ITB +2.8%.
- Homebuilder names: Toll Brothers (TOL +3.9%), Putle (PHM +5%), Lennar (LEN +3.2%), KB Home (KBH +6.9%), Hovnanian (HOV +4.8%), D.R. Horton (DHI +2.8%), Standard Pacific (SPF +4%).
- Mortgage insurers: Radian (RDN +4.1%), MGIC (MTG +1.1%), Genworth (GNW +1.6%), Old Republic (ORI +0.7%), NMI Holdings (NMIH +1.1%). Essent Group (ESNT -0.6%) is off a hair, but up 29% since its late-October IPO.
- Not showing much reaction today, but potentially set up to disappoint if the GSEs do not allow any private oxygen in mortgage finance are Redwood Trust (RWT -0.2%) and PennyMac Financial (PFSI +1.2%).
Oct. 15, 2013, 10:13 AM
- Finding itself on the wrong end of sell-side opinion of late, Redwood Trust (RWT +1.4%) finds a friend in UBS, which initiates the stock a Buy with $24 price target.
- The stock has given back a large chunk of big Y/Y gains in the past few months amid higher interest rates and the banks returning to the private-label mortgage business, particularly as jumbo mortgage rates fall below conforming rates.
- Previous downgrades from FBR and Wells.
Sep. 18, 2013, 9:16 AM
- Newcastle Investment (NCT) spinoff New Residential (NRZ) soars 6.9% premarket after declaring its first full quarterly dividend of $0.175 per share for a 10.95% yield (based on last night's close).
- Nearly 11% is a whopper of a yield considering peers like Redwood (RWT), HLSS, and Pennymac (PMT) are in the 5-10% range.
Mar. 12, 2013, 3:33 PMThe curious selloff following Redwood Trust's (RWT) blowout Q4 earnings on Feb.22 looks curiouser with each passing day. The stock's up 3.9% today and 16% since earnings. Deutsche bumped its price target amidst the selloff and Jefferies lifted its last week. Today the company announced presale results on its 4th private MBS, a $576M package. | 1 Comment
Dec. 18, 2012, 10:32 AMEllington Financial (EFC +1.5%) gains as Thomas Lott points it out as a cheaper, better-performing alternative to many of its peers in the mREIT industry. The company is actually a partnership - a good thing, writes Lott, as it allows management investment flexibility not available to REITs. The CIO is former Kidder mortgage trader Mike Vranos, who recently picked up more shares, and now owns 12% of the company. | Comment!
Feb. 27, 2012, 5:06 PM
RWT vs. ETF Alternatives
Redwood Trust Inc, together with its subsidiaries, invests in, finances, and manages real estate assets. It invests in residential and commercial real estate loans and in asset-backed securities backed by real estate loans.
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