Ben Eisen

speaker

1,467 appearances 35 recordings 1 series first heard Jul 2017 last heard Nov 2024

Ben Eisen’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Banks Are Back in the Mortgage Bond Business · 17 Sep 2019 podcast

And in the years since then, there have been a lot of changes to the mortgage market, both in terms of who's making the mortgages and how they're packaged and sold to investors. matched

And now we've sort of gotten to a point where the crisis has sort of gotten far enough into the rearview mirror that banks are starting to feel comfortable making these mortgage bonds again. matched

It's tiny. matched

It's minuscule. matched

Whereas the so-called private label mortgage bond market was over a trillion dollars annually at its peak, last year it was about $70 billion. matched

So it's a lot smaller, but that said, it's growing. matched

So it's something that the folks who are making these mortgage bonds are starting to feel more comfortable doing them again. matched

Banks have been very careful about this so far. matched

When banks kind of what they do is they decide what mortgages they want to go into these bond deals. matched

And so far they've been choosing bonds that or they've been choosing mortgages that tend to be pretty safe. matched

These are not the kind of subprime mortgages. matched

Mortgages, for the most part, that you had in huge quantities before the financial crisis, these are better quality loans. matched

Often they're going into these bonds because they're too big to be sold to Fannie Mae or Freddie Mac, which is sort of where they would otherwise go. matched

Or they just have some sort of alternative documentation of the borrower's income. matched

So far, they've been pretty careful. matched

I think what's important to watch is not necessarily what's going on now, but does the pendulum start to swing? matched

In the last cycle, the banks were very careful at the beginning, but they loosened up. matched

And over time, they got worse and worse at this. matched

And as the volume and quantity of these bond deals became bigger and bigger, that's when standards started to slip. matched

So we haven't seen that yet, but it's to be determined if that happens down the line. matched

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