Jan 31, 2022
Fannie Mae’s and Freddie Mac’s Credit Risk Transfer bonds (CRT) offer investors the ability to access scalable mortgage credit and housing market exposure while eliminating interest rate risk and benefitting …
Read StorySep 27, 2021
We remain extremely constructive on both the fundamental and technical landscape for the RMBS sector and mortgage credit and see meaningful opportunity for continued spread tightening in the sector. The …
Read StorySep 7, 2021
While it is expected that supply throughout 2021 will continue to pick up back to, and above, pre-COVID levels, the market is still recovering from the reduction of supply in …
Read StorySep 2, 2021
Rising home prices are a strong fundamental tailwind for mortgage credit and RMBS securities and throughout 2021, the housing market has continued to outperform expectations with strong price appreciation, now …
Read StoryAug 23, 2021
The table below, most recently included in our 2021 Outlook, has been updated to show relative yield and spread data for a representative RMBS deal, highlighting the relative yield movements …
Read StoryAug 18, 2021
The economic recovery since last spring and the degree of fiscal and monetary support are unprecedented. While the Fed is committed to keeping the target Fed Funds rate near 0% …
Read StoryAug 10, 2021
The Non-Agency Mortgage-Backed Securities (RMBS) Sector, after outperforming other fixed income sectors over the first half of the year, is even better positioned in our opinion for a continuation of …
Read StoryApr 14, 2021
RMBS has generally been attractive from a risk-adjusted relative value standpoint since the GFC more than a decade ago, with higher current yield and greater total return opportunities than IG …
Read StoryApr 9, 2021
Mortgage borrowers drastically outperformed the initial pandemic forecasts for forbearance take-up and delinquency. Most collateral experienced all-in levels of forbearance below even the initial bull case forbearance range. Additionally, since …
Read StoryMar 31, 2021
Agency Credit Risk Transfer: Backed by high quality pools of agency borrowers (with average FICO scores in the mid 700 range and mid 30s debt to income ratios (DTI), these …
Read StorySemper Capital Management, L.P. strives to provide relevant and value-added content to keep current and future clients updated on our thoughts and positioning.
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