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[ad_1] Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic markets saw bulls make a comeback attempt on Tuesday as Dalal Street surged higher. S&P BSE Sensex ended at 56,319, gaining 497 points or 0.89% while NSE Nifty 50 index zoomed 156 points or 0.94% to settle at 16,770. Broader markets mirrored the up-move. Ahead of Wednesday’s trade, SGX Nifty was up in the green, hinting at a positive start to the day’s trade. Global cues were mixed during the early hours of trade as Asian markets traded mixed despite a strong up-move charted by NASDAQ, Dow Jones, and S&P 500 overnight.  Metro Brands shares will start trading on the stock exchanges today. Backed by ace investor Rakesh Jhunjhunwala, Metro Brands IPO saw a positive response from investors earlier this month. During the three-day bidding process for the public issue, all investor categories were oversubscribed with Qualified Institutional Buyers (QIB) subscribing their portion 8.49 times. Non-Institutional Investor (NII) quota was bid for 3.02 times while retail category subscription reached 1.13 times, taking the overall bidding tally to 3.64 times the issue size. Metro brands raised Rs 1,367 crore from the IPO of which the fresh issue was worth Rs 295 crore. [ad_2] Source link

[ad_1] if(typeof(jQuery)==”function”){(function($){$.fn.fitVids=function(){}})(jQuery)}; jwplayer(‘jwplayer_qhXYi1Vh_5xQXXB63_div’).setup( {“playlist”:”https://content.jwplatform.com/feeds/qhXYi1Vh.json”,”ph”:2} ); Hosted by Mortgage Capital Trading This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opporThe FHFA and HUD are vigorously pursuing equitable housing goals, which means big changes for lenders. In September, the FHFA rolled back the caps on high-risk loans that Fannie and Freddie can buy, then asked for input on the Equitable Housing Finance Plans it will require the GSEs to submit annually. HUD is coordinating with FHFA to ensure fair housing and fair lending across the board. This panel will feature industry trade group leaders talking about the recent FHFA/HUD changes and what lenders can expect as we head into 2022. Panelists Kris KullyPartner,Mayer Brown Elizabeth LaBergeSenior Director of Advocacy & Counsel,Credit Union National Association Scott OlsonExecutive Director,CHLA Brendan McKayPresident of Broker Advocacy,AIME Benjamin CollDirector of Trade Desk Operations,MCT Sasha HewlettDirector, Secondary & Capital Markets/Residential Policy,MBA Get More Info hbspt.forms.create({ region: “na1”, portalId: “4509319”, formId: “c44549ac-0298-4e5b-aa4c-ffbf0a90abda” }); The post Lunch & Learn about the latest FHFA and HUD policy changes affecting lenders appeared first on HousingWire. [ad_2] Source link

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[ad_1] Harvard professor convicted by U.S. jury of lying about China ties [ad_2] Source link

[ad_1] High inflation has impacted consumption and market volumes have gone down, especially in the rural economy, but it is likely to start easing from mid-2022 as it is largely due to supply side constraints or speculation, Sanjiv Mehta, newly-elected president of Federation of Indian Chambers of Commerce and Industry (Ficci) and CMD of Hindustan Unilever (HUL), said on Tuesday. In an interview with FE, Mehta said that today the situation is much better and there are many green shoots in the economy, like tax collections have been robust, exports are looking good, lots of FDI have come in, so structurally there’s much headroom to grow and private capex would kickstart once the demand revives. “What I am saying is that today the situation is much better; corporates have de-leveraged, banks have been able to enhance their capital, so it’s a good environment where once the demand kickstarts, I see no businessmen who would be wanting not to miss the sale opportunity. And I don’t think even the risk appetite of Indian business has gone down,” he said. Mehta added that till the time private capex gets started, the government would need to do its bit and keep up the spending. “We have yet to get into that virtuous cycle of growth, where the demand is robust, the capital investment happen, more jobs get created, there’s more money in the hands of the people and more investment takes place,” he said. Talking about his expectations from the upcoming Union Budget, Mehta said that the last year’s Budget, despite all the constraints, was in many ways a dream Budget and the government should continue to build up on it. “To support rural consumption, the food subsidy programmes should continue and consistency in policies should be maintained,” he said. Talking about his company, Mehta said that inflation does impact volumes but so far he’s not seen any discernible downtrading as the company is present across all categories and has multiple brands. “Rural demand still looks tepid from market volume point of view and there’s inflation in many categories. Volume would certainly go down if there’s a price increase,” he said. On other major policy issues, Mehta said that on e-commerce, the  government should maintain status-quo as it has benefited all the stakeholders and, most importantly, it brings technology, which is so important. “We have been able to build massive capacity and there’s scope to build enormous digital capacity here,” he said. With regard to the production-linked incentive schemes, the HUL CMD said that the government has done a very good thing by coming out with such schemes as it creates scale and gives competitive advantage, which is very necessary. “PLI schemes give you the benefit of scale, and scale is very important to create competitive advantage; because if you’re looking at it from a global scenario, you will have to compete on cost service quality and innovation; so, scale gives you huge benefit when it comes to cost, and that’s what a PLI scheme will enable you to do,” Mehta said. When pointed out that there has been a lukewarm response to some of the PLI schemes, he said that we should give it time as it is still early days and if in the process it is found that time period of these schemes needs to be extended then he’s sure the government would do it. “You know whenever you look at reforms, I think it would be a fatal mistake to look at it in such short lengths. So let’s not come to a conclusion at this stage, it has just been announced,” Mehta said. [ad_2] Source link

[ad_1] As 2021 draws to a close, it’s clear that the private-label residential mortgage-backed securities (RMBS) market has notched a year for the record books. For the full year, the RMBS 2.0 market — defined as all post-financial-crisis prime, non-prime and credit-risk transfer (CRT) transactions — is projected to exceed $115 billion in issuance. That’s more than twice the volume recorded in 2020 and nearly double 2019’s $60 billion mark as well, according to a recent forecast from the Kroll Bond Rating Agency (KBRA). “Low mortgage rates, stable collateral performance and comparatively favorable spreads for much of the year showed a strong level of investor demand in RMBS paper, making 2021 the record post-global-financial-crisis issuance year,” the KBRA forecast states. The major driver of private-label issuance this year has been the jumbo-loan market. RMBS offerings backed by jumbo loans are projected to reach the $60 billion level for 2021, according to estimates by Redwood Trust, a sponsor of multiple private-label offerings through its Sequoia securitization program. The value of transactions backed by investment properties, including second homes, stood at nearly $23 billion as of the end of November, according to data from KBRA and digital-mortgage exchange MAXEX. Securitizations in the non-QM market are projected to reach $25 billion in 2021, according to estimates from Dane Smith, president of Verus Mortgage Capital, and Tom Hutchens, executive vice president of production at Angel Oak Mortgage Solutions. Non-QM mortgages include loans that cannot command a government, or “agency,” stamp through Fannie Mae or Freddie Mac. Non-QM loans typically make use of alternative-income documentation because borrowers cannot rely on conventional payroll records or otherwise fall outside agency credit guidelines. The pool of non-QM borrowers includes real estate investors, property flippers, foreign nationals, business owners and the self-employed, as well as a smaller group of homebuyers facing credit challenges, such as past bankruptcies.  On the CRT front, government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac recorded a combined issuance through mid-December of nearly $18 billion, according to GSE transaction records. Through a CRT transaction, private investors participate with Fannie and Freddie in sharing a portion of the mortgage credit risk in the reference loan pools retained by the GSEs.  Despite the outsized performance of the private-label market in 2021, compared to the prior post-crisis years, the so-called non-agency sector remains well below the level of market dominance it commanded in 2005 and 2006 — just prior to the housing-industry crash. At that time, it represented nearly 60% of RMBS issuance across agency and non-agency lines.  “The non-agency share of mortgage securitizations increased gradually over the post-crisis years, from 1.83% in 2012 to 5% in 2019,” a recent Urban Institute report states. “In 2020, the non-agency share dropped to 2.44%, and as of September 2021, it stood at 3.79%.” The Urban Institute report, produced by its Housing Finance Policy Center, notes that the steep decline in private-label activity in 2020 — as a share of the entire securitization market — was due, in part, to expanded agency refinancing activity as well as “less non-agency production due to dislocations caused by COVID-19.” “The [private-label] market is recovering in 2021, although the share remains lower than 2019,” the report notes. “While the share is lower, as [GSE] securitization volume is high due to refi activity, this is the largest year of non-agency securitization since 2008.” The 800-pound gorilla in the private-label space in 2021, as reported previously by HousingWire, is J.P. Morgan, the investment bank side of New York-based banking holding company JPMorgan Chase & Co.   J.P. Morgan, via its private label conduit, J.P. Morgan Mortgage Trust, through mid-December had sponsored 15 offerings backed by jumbo loans with a total value of $16.4 billion and eight investment-property/second home-backed securitization deals valued at $3.9 billion, according to bond-rating agency reports. The combined value of those private-label transactions, $20.3 billion, represents nearly 18% of KBRA’s projected $115 billion in deal volume for the entire private-label market this year. For J.P. Morgan’s jumbo-loan securitizations, bond-rating agency reports show that nearly 50% of the mortgages involved in those deals were originated in California. “California has by far the highest prices in the country, with the median price of a home today in the state over $800,000,” said Rick Sharga, executive vice president of marketing for real-estate research firm RealtyTrac. “And, so that prices most borrowers out of getting a conventional loan, even with the higher [GSE loan-limit] allowance.  “So, you’re going to have a higher percentage of jumbo loans in California … and California also has a high percentage of overall sales relative to other states.” Adds Tom Piercy, managing director of Denver-based Incenter Mortgage Advisors: “The jumbo market has expanded as we’ve seen property values increase nationwide. … The appetite for jumbo loans has increased significantly.” Rising interest rates, coupled with increased agency loan limits and the Federal Housing Finance Agency’s decision to suspend the cap on the purchase of mortgages backed by investment properties, however, are expected to slow the growth of the private-label market in the year ahead.  The Federal Reserve is increasing the pace of its bond tapering in the months ahead, including reducing its purchases of mortgage-backed securities. It also is planning up to three bumps in the benchmark interest rate in the year ahead. That upward pressure on rates is expected to bend the arc upward on 30-year fixed rates as well, depressing the housing-refinance market. “It is still expected that [jumbo] RMBS issuance will start to slow in the coming months as rates rise and supply wanes,” states MAXEX’s December market report. “…We continue to think that issuance [of RMBS backed by investment properties also] will subside in 2022 as originators sell many of these loans back to the agencies.”  Still, the non-agency market is expected to continue to expand in the year ahead, even if it’s at a slower pace than in 2021, according to KBRA. “Our fiscal year 2022 forecast is $132 billion across the prime, non-prime, and CRT segments, which, if realized, would make it a new record year for RMBS issuance post-GFC [global financial crisis] and an approximately 15% year-over-year increase from 2021,” KBRA’s market-projection report states. Rising rates,

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[ad_1] British Prime Minister Boris Johnson on Tuesday ruled out imposing additional lockdown measures in England before Christmas but said the Omicron variant related data will be kept under review to see if stricter measures are needed next week. The announcement came as the UK recorded 90,629 new COVID cases, slightly down on the all-time high on Monday of 91,743, largely driven by the high transmissibility of the Omicron variant. In a video clip released by Downing Street, Johnson said: “In view of the continuing uncertainty about several things — the severity of Omicron, uncertainty about the hospitalisation rate or the impact of the vaccine rollout or the boosters, we don’t think today that there is enough evidence to justify any tougher measures before Christmas. “We continue to monitor Omicron very closely and if the situation deteriorates we will be ready to take action if needed.” Johnson, however, noted that Omicron was spreading at a speed never seen before. “The government will continue to monitor the data closely and will not hesitate to act after Christmas if necessary,” he added. He said people can go ahead with their Christmas plans but should exercise “caution”, and repeated his appeal for everyone to get a booster jab. Scotland, meanwhile, has opted for tougher measures with large events having limits on the number of people that can attend, and Edinburgh’s annual Hogmanay new year celebrations have been cancelled. Wales had already planned tougher rules post-Christmas. Meanwhile, the National Health Service (NHS) said more than two thirds of people aged 18 and over and who are eligible have now received their top up protection against COVID-19. In total, 25,130,453 people who are three months on from their second dose have already been boosted in England, with the online service opening to eligible adults last Wednesday. The latest numbers follow a week of so-called “blockbooster” records for vaccinations including a mammoth weekend with over 830,000 boosters on delivered on Saturday – the highest number ever – and more than 1.5 million boosters reported over Saturday and Sunday. “I have been absolutely blown away by the public response to our national mission for everyone to Get Boosted Now, with over two-thirds of eligible adults in England now having had their immunity topped up,” said UK a Health Secretary Sajid Javid. Every eligible adult can now book in for their booster jab online, with the rollout continuing over what is usually a Christmas holiday period in the UK. [ad_2] Source link