Everyone has heard by now the big news regarding servicing advance facilities and the agencies now accepting delivery of loans (excluding cash out refinances) with forbearance requests but at a large cost.
5% for first time home buyers and 7% for all other loans. This sets a mark for the industry relative to future trading in the secondary market.  We saw price adjustments on trades involving loans with a recent forbearance request prior to the announcement impacted between 3% – 5%.  We expect future trades to follow the agencies price guidance on loans with recent forbearance until there is evidence related to the migration of forbearance to either consistent payment or default.  Not the best outcome for originations that will have more loans that are not agency eligible.
Recent reports indicate forbearance requests are running somewhere between 10% and 20% depending on the servicer.  There are certainly borrowers in need of assistance, but there is likely some percentage
of borrowers who are “strategically” requesting and receiving forbearance even though they haven’t

been materially impacted by the shut down.  Many servicers are anticipating a spike in requests this week as we approach month end. 
Any loan involving a forbearance plan will price lower, these loans will be viewed as riskier with a higher propensity to default. We won’t know for many months how these loans perform following the forbearance period. They could turn into spotty pays, modifications, re-performing, or non-performing loans. All these outcomes will result in losses to the originator or seller. With another 4 million American workers reporting for unemployment benefits this week, market participants are working to get a
handle on what forbearance means to the housing market, home values, and loss severity and default frequency assumptions.

Jumbos
Jumbo loans saw both positives and negatives this week. Redwood declared it would not buy any loans in the current market. The good news is RAMS 106601 a pool with a 50% LTV and low coupons traded over par.  Low LTV continues to be a driver for best pricing. We’re seeing a range of low to mid 90s for high quality jumbo loans. Scratch & Dent Supply continues to increase in this sector as warehouse lenders apply pressure to originators to remove these loans from their lines. With REITS and other levered investors leaving the market, there continues to be limited liquidity and downward pressure on pricing. Many sellers have been passing on current
levels, unwilling to accept the associated loss on sale, but product is trading.  We executed 21 new trades this past week, 16 in this sector.  We expect pricing to remain in the 80s for generic product. Risk adjusted yields are wider with buyers discounting prices in order to achieve a lower effective LTV (LTV multiplied by purchase price percentage). Our perspective continues to be to sell these loans before there is a forbearance request or payment event that will result in a lower price.

Non-QM
Last week ended with another forced $1BB liquidation out for bid. There was limited price movement in this sector last week as sellers continue to hold out for low to mid 90s in a mid to high 80s bid market. Regional warehouse lenders seem to be working with their clients to assist them in finding exits and
solutions for their orphaned production. Some monoline Non-QM originators are seeking hospital lines for 3 – 6 month timelines in an effort to survive, but large haircuts (we’re hearing ~35%) make this a difficult alternative.  Sellers are hoping prices will improve though we’re not sure why or how in the near term. As we touched on last week, the credit stack has a very long way to go and the risks associated with forbearance, delinquencies, updated LTVs, unemployment, and a decline in the housing market, may not bode well for this strategy.

We continue to work hard to help our clients in this difficult time.  Please provide color and feedback on what you’re seeing and we’ll continue to provide liquidity through our market participation and help any way we can. We appreciate your relationship and hope for the best for you and your family.

In this week’s update, we address some of the questions asked over the past few weeks.  Here we go……..

I see so many pools from RAMS, does any of it trade?
Over the last 45 days, we’ve marketed 262 pools with an aggregate UPB of approximately $4.7BB. We have traded ~23% of these pools.  We estimate that ~43% of these pools for ~71% of the UPB did not trade.  Sellers electing not to sell are hoping for brighter days and better pricing in the near future.  This is most prevalent in the Non-QM space where many sellers have
held out for pricing in the mid 90s. For reasons discussed below, we don’t see prices climbing back to these levels. Some sellers are seeking hospital lines, typically with 65% advance rates (35% equity), as they wait for markets to improve.

Have these traded pools actually been closing?
A number of trades that were put on prior to the crisis have failed; however, no trades put on since the start of the pandemic have failed.
What are you anticipating for near term supply and where is pricing going?
We start this week with another forced sale of $500mm and believe we will see more pressure from warehouse lenders and other financing lenders. With 22 million American workers currently unemployed, the number of loans in forbearance (currently nearly 3 million borrower requests reported), anticipated delinquencies coupled with the potential of billions of dollars in loans being rejected by Fannie and Freddie (both from forbearance requests and loans no longer eligible due to the tightening of underwriting guides), we expect more downward pressure on pricing. The yield requirements for institutional investors are much higher than those of the government sponsored agencies. A flood of additional supply of troubled assets doesn’t bode well for the hope of pricing to improve in the near term.

What’s going to happen to the high LTV and investment property loans if buyers are cherry picking the low LTV, high FICO, owner occupied, loans?
Loans with these attributes are going to trade lower than higher quality loans in the Non-QM and Scratch & Dent markets.  Many originators, struggling with their cash constraints, are accepting bids on the sale of higher quality loans and passing on lower bids on higher risk loans.  We expect warehouse lenders will soon press these originators to liquidate these loans from their lines as they continue to age or curtail them. At some point in the near future the grid lock for this product will break.

When is the non-agency securitization market coming back? For the Non-Agency MBS market to function again, many things need to happen, including:  absorption of excess supply, tightening of spreads, some form of leverage to return to the market, and rating agencies to adjust their views given the new world of pandemic risk.

AAA spreads on non-QM product, when prices were $106 or higher, were in the +75/80 area.  Currently those  spreads are in the +300 area. AA spreads were low +100’s and are now hovering around +400. We see the entire stack yielding somewhere in the mid 7’s%. The average GWAC on all Non QM
product we’ve seen is 5.714%. Clearly, we have a long way to go.   We all know the Rating Agencies don’t move quickly and wouldn’t expect them to
finalize their views and levels till long after we are all back to work and have experienced the fallout from the COVID period on mortgages and the broader economy. What is happening when borrowers request forbearance? The numbers are staggering, Wells said they have received more than 1 million requests for forbearance and Mr. Cooper announced 82,000 requests. It will take some time for this to play out. We’ve seen one letter from a lender where a borrower qualified for forbearance and is allowed to skip May, June and July’s payments with no penalty nor notification to the credit bureaus. But, all deferred principal and interest payments are due in August. That results in four mortgage payments due at once! How can any borrower, let alone one that has been impacted, make that payment? Something will need to be done or we will see substantial delinquencies, modifications, foreclosures, and lower home values.  FNMA and FHLMC have not changed their decision and are not buying loans where the borrower has been granted a forbearance. This means aggregation firms won’t be buying these loans, and may even be requesting repurchase by the originator. Current estimates are  5 to 10% of borrowers have requested forbearance.  With monthly production at $200BB, this equates to another $10 to $20BB in loans potentially hitting an already saturated market.  We’d like to know what percent of forbearance request and percent of forbearance approval you are seeing.  Are you handling agency and non-agency loans differently?  We appreciate you sharing with us any information you are experiencing on this critical element of the market.  $651 Billion  https://www.housingwire.com/articles/nearly-3-million-borrowers-are-already-in- forbearance/ Is there a market for loans where a borrower has been granted a forbearance? We have buyers for these loans. The market is still evolving regarding price and contract language as it pertains to loans in forbearance and EPD. We expect these to trade at discounted prices in the context of Scratch and Dent, bad pays, or TDRs (troubled debt restructuring). Stay safe, stay healthy, and let us know what we can do to help.

We hope everyone had a nice holiday weekend.
Another week behind us and more weeks of quarantine in front of us as California extended shelter at home until May 15. Tighter restrictions for all of us across America. We’ll try to keep it short and to the

point as there is ample news, headlines, and content to keep everyone busy. Except for sports of course! 

Last week was another busy, albeit choppy, week. Each trading day seemed to bring ups and downs. Fed
MBS buying stabilized current coupon securities to a large extent, but there are still dislocations like GNMA 3 and 3.5 pricing inverted. High balance loans continue to be hammered by MBS investors and
cash window pricing. MBS spec pools remain depressed and low FICO FHA and VA loans have become the latest product to lose support. Supply of loans looking for an outlet in the secondary market
continues to increase.  The wave of forbearance requests from borrowers looks to be massive. According to the MBA, forbearance requests grew by 1,270% between the week of March 2 and the week of March 16,
and another 1,896% between the week of March 16 and the week of March 30. Late Friday, GNMA finally announced the much-anticipated servicer liquidly facility (“of last resort”) to handle servicer advance shortfalls due to forbearance requests.  FNMA started calling margin on its hedging customers for positions over $3mm, and reduced cash window pricing between 40bps and 80bps on current production in an attempt to manage volume. JP Morgan warehouse lending increased haircuts by 15% on loans with FICOs less than 700. FHFA Chief, Mark Calabria, stated independent mortgage companies aren’t too big to fail, and that he doesn’t expect a large increase in delinquencies due to the COVID-19 pandemic. He expects lending and underwriting standards to tighten making it more difficult for certain borrowers to qualify for a new mortgage. 

Non-QM & Jumbo
There continues to be plenty of supply of Non-QM on the market. Large pools, as well as an abundance of small pools. We’ve marketed 78 pools for $2.9BB since the start of this from lenders across the country, trading a number of various sizes. Buyers continue to be selective in this market and are targeting high quality loan attributes such as LTV, FICO, DTI and reserves. Credit spreads tightened, more distressed securities were absorbed, and we began seeing some cross over investors enter the whole
loan market. Pricing has ranged between 80 and 95. We see the smaller pools mostly frequently trading in the mid-80s. We are encouraging sellers to hit bids in this context given the limited liquidity. The larger pool sellers continue to seek low 90s for their portfolios. There was a large liquidation pool of ~$630mm that traded in the low 90s at the end of last week.  The pool was comprised primarily of high quality, jumbo prime, plus a 100mm+ Non-QM portion. We also had an ~$40mm pool trade in the low
90s.  This was not a liquidation, but the result of pressure from seller’s warehouse bank to demonstrate liquidity.

Scratch & Dent & Orphaned Loans
More supply continues to come to market while liquidity to absorb supply declined. Investors are leaving the market as more margin calls and market uncertainty caused them to shut down their purchase programs and cancel trades. We continue to see pools from originators pressed for cash due
to TBA and MSR margin calls, growing warehouse haircuts, repurchase demands, and the coming calls for early premium recapture notifications. We’ve marketed 83 pools for $724mm since the start of this and have traded a little over a third. This product continues to trade mostly in the 80s with select very high credit quality, and low ltv, loans in the low and mid 90s. We are expecting more supply in the coming weeks, including some larger pools from larger originators experiencing warehouse pressure. To
make matters even more difficult for originators, loans with forbearance requests are not currently eligible for delivery to the agencies. If this position is not reversed, it could bring forth a flood of supply
to the market that could have a major impact on prices and result in more losses for sellers. In addition, it is still uncertain what the migration rate of loans from forbearance request to true delinquency and default, will be. 

Fix & Flip and Bridge
A handful of pools were offered with pricing in the high 70s to high 80s. Pool 106504 ($2.9MM fix & flip) bids this week. We expect to see more NPLs in this sector Pool 106485 ($20mm of NPL fix & flip) bid Friday.

NPLs and RPLs
2 pools, 106496 and 106497, bid Friday with pricing ranging from low 70s to high 80s.  A few RPL buyers reminded us they will look at large RPL pools as they focus on seasoned collateral as compared to newly originated product. 

Rentals
Limited activity this week.  It may be potential sellers assessing their April rents and determining next steps.

Please share with us any of your thoughts and color. We will end this week’s letter with an inspirational quote: Life is like riding a bicycle.  To keep your balance, you must keep moving.  Albert Einstein

Happy Monday all, in case you forgot what day it is………. We work where we sleep, and we eat where we work. Every day is bring your kid to work day and everyday has become Wednesday. High stress and
long hours.  Over the last two weeks we have seen the de-levering of REITS, collapse of the agency specs and non- agency MBS markets. Non-QM got clobbered as did servicing values. Jumbo market investors are fleeing
and massive margin calls have been exercised on TBAs and MSR lines. 
Servicing has its own unique issues – funding of servicing advances and how to communicate with the thousands of borrowers requesting forbearance when the entire servicing team is working from home.
The bulk of servicing involves collection and processing of payments. How do you hire and train the amount of additional staff needed to handle this increase in borrower forbearance requests, when you’re required to stay home? 

Some GNMA MSRs are currently priced at negative values (you have to pay someone to take it). Fannie is trying to slow down volume by reducing price at its cash window.  Agency high balance product pricing is over 3 points back. 

Sell now or wait for higher prices?
We don’t see things getting better any time soon and do not believe sellers should rely on the hope of higher prices in the near term.  We will lose more jobs and more loans will go delinquent. A loan with a
missed payment, regardless of the reason, has never priced as high as a loan that has never been late. With conduits halting locks, and Fannie and Freddie declining loans where borrowers have requested forbearance, there could be much more supply hitting the market.  Buy now or wait for lower prices? If you think 100% of mortgages are going to become seriously delinquent, then you should wait. I made my mortgage payment, you’re probably making yours, and we can’t imagine serious delinquencies going
over 10%, which is almost double the percentage of Fannie Mae seriously delinquent loans at their peak following the last financial crisis (February 2010 – 5.59%).  We expect most of this sector will be current with interest rates well in the money and ripe for refinance.  Modeling these current loans with a reasonable prepayment speed at a purchase price of 90 yields ~7.50% (N+705), and at 85 yields ~9.45% (N+900).  If you’re reading this, you’re somewhere along the mortgage management chain. If you’re a
buyer, why wait? The current loans look a lot better than the next wave of longer duration mortgage loans with much lower coupons. Many of these loans look much more appealing than the stock market. 

Non-QM
 The Non-QM market is bifurcated – pools of $75 – 100mm+ and everything else. At last writing, we called the $800mm+, 3 day settle, $85 print, as the floor, and it felt like we were headed to mid-90s. Now we view the mid to high 80s as the market for all but $75 -$100mm+ pools, where we have settled into the low 90s. Many sellers have been holding out for mid- 90s or higher due to their basis and financing haircuts. We see the near term not as a revitalization of the Non-QM securitization market, but rather the forced liquidation by warehouse banks of Non-QM product held by smaller
originators. Although we’ve seen some tightening of credit spreads, mortgages continue to battle the competition of more attractive yields available in other asset classes. We’ve traded some of these larger
pools, as well as many small pools and single loans to banks and funds seeking outsized returns with low

LTVs, in targeted geographic areas.  
S&D and Orphaned Loans We had 60 S&D pools with 1,563 loans for $765mm available for bid as of last Thursday with more on
the way. We saw bid prices ranging from 62% to 98%. We traded numerous high quality loans in the 90s, but the broader market, with a deeper pool of buyers, traded in the mid to low 80s.  This sector includes above market rates, underwritten to agency standards with recent full doc files and current appraisals.  Moreover, this sector is the most likely area to receive government support and qualify for agency refinance in the future. Jumbo loans are the orphans of this market. The large loan sizes, with the uncertainty of the housing market and near term HPI, have these loans mostly ignored and modeled with high severity rates. Even one of the largest U.S. banks, and arguably the largest buyer in the
market, has suspended jumbo lending. Low LTVs have some, but limited,
liquidity.

Fix & Flip and Bridge
A handful of pools were offered with pricing in the high 70s to high 80s. Pool 106444 traded in the mid- 80s.  NPLs and RPLs We traded a few, one-off, currently delinquent, loans. This sector seems to be waiting for what’s going to happen next.  Rentals We have a handful of pools on the market. No color to report. Please share your thoughts.

Many of us are suffering from some form of cabin fever and anxiety as we listen to the news and the never ending chain of headlines. Challenging and difficult times for everyone. Keep the faith and be kindto your neighbor.

We’re buried trying to get the number of offerings out and can only imagine what it must look like on. the receiving side of these emails, so we apologize and we’ll try to summarize below.
 
Non QM – 15 pools ~$820mm
                This sector is getting a lot of attention but struggling to find a clearing level. We’re battling “1 st in fear” and alternative investments. Anybody see airplane lease spreads?   We’ve heard lots of rumors
but we can only confirm what we’ve been involved with. 106376 $39mm seasoned 5.208 GWAC, yesterday, traded at 95.00. FYI, this was offered in the
80s two days ago.  We have traded a few single orphaned loans the low/mid 90s as well as, low LTV geographic specific pools to banks in low 90s to 90 area. We are currently working on similar targeted subsets. Also in talks with a number of larger investors that could clear some of this product in size.
 
Scratch & Dent and orphaned loans – 18+ pools $150+mm Newly originated, brand new loans with minor issues. We will send out a single offering this
morning with all the current inventory in an attempt to create a single file to view.  Several participants here have suspended bidding and some of the previous buyers have become sellers.  We traded 3 pools yesterday and pricing is off  ~10%.
 
Jumbo Prime and Alt A Loans – 4 pools ~$136mm Bank quality fixed and ARM loans.  A large portion of 106393 looks to be trading today, close to
par.
 
Bridge and Fix & Flip – 3 pools ~$26mm Short term rehab loans with ~10% GWAC. Market was trading retained in a range with 7.5% pass thru at par being the average. We saw bids yesterday in the 90 area and all sellers passed, given the short duration. Sellers would trade at par released.
 
NPLs 2 pools ~$20mm Foreclosure timelines have extended and values will undoubtedly be lower when we get through this but that’s the same for both the buyer and seller.  Slight premium for this market. Saw high

80s on 106358 that seller needed low mid 90s. Seeing 70 area (probably trades today) for 106390 which is in line with where NPLs traded before we saw leverage come into the sector.
 
Rental Loans 60 to 70 percent LTVs, underwritten to renter cash flows, personal guarantees, double digit default coupons with prepay penalties.  These were trading north of 105.  Would love to hear why these
6 and 7% coupons aren’t clearing in the 90s.
 
Just trying to quickly some get color out to all.
 
Please let us know what you’re doing and stay healthy!
 
List of offerings

Struggling to sleep these days and my work wife is about to kill me but here’s an what we can share, this morning.  

We sent an email yesterday, some thought it was a little rosey but we did receive a lot of feedback on what buyers are still buying.  Keep in mind as we search for clearing levels in the whole loan market we’re competing against the MBS market with yields approaching low to mid teens.

We are axed to buy
                Delinquent insured FHA loans – any size
                Delinquent insured VA loans – any size
                NPLs – received 8 responses looking to buy most were capping at $10mm to start – pricing 60’s to 70’s

NPLs & REOs – geographic buyers – better pricing but specific targeted areas
                RPLs – any size probably 10 to 15 points back of highs
                Bridge and Fix & Flip loans – couple performing buyers around 10% yield. Will buy retained.
                Non QM – numerous responses, lots of interest in price discovery – pricing appears to be in
the low 90s area, although most originators are trying to hold out for higher.

** we have a buyer(s) in size trying to determine entry point**
    Scratch & Dent – Small sector, still trading, prices have fallen 10 – 20%

We did not receive any inquiry regarding Rental loans, HELOC’s  nor Jumbo / Alt A loans.

Originators are still originating loans, focused on agency product so they can continue to pay employees, they must get these nonagency loans off their warehouse lines to make room for new originations and raise cash. 

Color on a pool level basis and the attached spreadsheet includes links to each.  If you need addresses please let us know. 

Non QM – 8 pools for $209mm – this segment has survived on the securitization market which has completely frozen. We are still in price discovery mode.

No need to highlight headlines here, and there’s plenty of negative things to point out, but that isn’t our role in the market.  Our role is to match buyers with sellers in good markets and bad.

Some buyers have suspended bidding and prices have softened but there are trades that are getting done. Some sectors have been more challenged (Non QM & Jumbo), than others .  We put on over a dozen trades last week and another one so far today.  95% of trades scheduled all funded last week

I don’t want to sound like my broker, that everyday brings another buying opportunity for his diversified basket of stocks and bonds but here are some things to consider. We will make it out of this and when we do, we’ll still need homes to own and to rent.  Unlike 2008 when we had bad actors throughout (NIV borrowers, neg am loans, inflated appraisals, guideline exceptions, levered and esoteric MBS structures, etc.) this time it is not the borrower nor lenders fault.  We expect the government will continue to
provide liquidity and ultimately protection/bailout.  When we get to the other side I have to believe current coupon mortgages and yields will look very attractive.
 
If you are still acquiring residential mortgage loans please let us know.  We  have available for sale, single loans to hundreds of millions of:

Non QM
                Prime Jumbo
                Re-performing (RPL)
                Non-performing (NPL)
                Scratch & Dent (S&D)
               Rental Loans
                Hard Money
                2 nd Liens
                HELOCs
  
We’re looking for buyers to match with sellers.
 
We will send out color as we gather it.  Feel free to call us and let us know what you’re hearing. It’s important to share information. Please follow social distancing guidance and stay healthy.

Happy Friday the 13 th . It’s been a VERY long two weeks since our last update just prior to the SFIG conference.  

We’ve all read enough headlines lately so just a quick update. The first table below is a summary of current offerings. RAMS has 18 portfolios for $620mm available for sale.
 
The second table lists the 27 pools RAMS traded of the 96 portfolios we bid, since the last update. Please share any feedback you have and send us your loans and/or inquiries.

Since last update: RAMS bid 96 pools & traded the following 27, with 18 pending sellersdecision:

What a week! We started off with what felt like the end of mortgage REITs, massive overhang of product, margin calls, spec pool pay ups, and MSR values vaporized. Quarter end balance sheet and liquidity constraints didn’t help either. Shelter at home for all and California closed hiking trails and
beaches!  We ended the week with REITs bouncing off their lows, muni bonds spiking, stocks rebounding and clearing of some Non QM overhang. 

Non QM
We estimate there was $3BB+ in unallocated Non QM product in the beginning of the week with most of the focus on an $800mm+ forced sale pool with draconian stips.  It traded on Thursday, and will settle
Monday (at $85 and T+3)!  An absolute floor was set.  With that dark cloud no longer hanging over the market, on Friday, hundreds of millions traded between high 80s to low 90s. We traded some and expect the bulk of the remainder to trade next week in the low 90s, or even slightly above for selected pools. 

It may be a while before we see more of this product, as we were notified by more than one Non QM originator that they had laid off as much as 90% of their employees on Friday.  Scratch & Dent  We have a couple hundred million in loans here spread across many sellers. We traded a fair number of these pools last week at various prices. Pool 106413 ($103mm) was locked in a 95 X 92 market. Prices are lower, and several buyers backed away from the market for the time being. There is opportunity to select/cherry pick attractive assets at wider yields.  Most of this sector is newly originated loans with no, or only minor, flaws. Newly originated is important
to highlight because these borrowers have just qualified for a mortgage loan, and locked the rate prior to the Fed’s most recent easing. In an attempt to ease hedging pains and control volumes, Agency originators are drastically widening margins, and not taking rate locks, until loans are closer to closing. 

Originators are currently battling massive cash demands from margin calls, increased haircuts from warehouse lenders, MSR haircuts, and servicing advances. Pipelines have ballooned beyond capacity, forcing originators to sell loans at discounts to basis. Due to current market conditions, we project there will be a significant slow down in home purchases and loan officers will focus on refi’s. One thought here is government could help by supporting or boosting refinances in an attempt to lower mortgage
payments and put more cash in the pockets of homeowners. 

From a modeling standpoint, a pool with a weighted average coupon of 4.625% has a yield north of 6%. at a purchase price of $92 and almost 7.5% at a price of $85, if loan refinanced in 8 years. If the loan refinanced in 6 years, the aforementioned prices would yield nearly 6.5% and over 8%, respectively.  Seems safer than the stock market. 

We have several buyers looking for performing FHA and VA loans due to their government guaranty. Jumbo & Orphaned Loans These are loans stuck in pipelines with no where to go, solely due to closing of several investor lock desks. One large originator had close to $100mm of jumbo prime loans for sale. Adding insult to injury, many got walloped on their hedges as well. These are all QM, full doc, jumbo, loans with excellent credit. These pools will all trade at discounts even with a high probability of refinance. Price talk in the N+500 area . 

We’ve seen some bank demand for large bulk jumbo pools.  We also have bank inquiry for seasoned loans.  2 nd  Liens  Currently have one small pool of newly originated loans. Expecting a large, seasoned, performing, bank,
HELOC portfolio to be coming to market soon. We traded Pool 106373 ($20.5mm) near 70.    

NPLs & RPLs & REOs
We expect to have a few NPL pools out this week. We have buyers of delinquent insured FHA & VA loans, and a number buyers looking for geographically specific REOs, including Baltimore Rental Properties. 

Rental Loans
We have a nearly $100mm in this sector for sale. 60 to 70% LTVs, 6% to 7+% coupons, with double digit default rates and prepay penalties.  Pricing in mid 90s. 

Bridge & Rehab Loans
We have a number of pools here. Due to relatively short duration, high coupon, and relatively low ltvs, Sellers have been passing on the 10+% yield bids we’ve been seeing.  We hope you find this helpful and thank all who shared color. Please share any insights, thoughts, and color; and please send us your pools of loans and/or specification regarding what you are looking to buy; and …  More than anything, please take care of yourselves and your loved ones. We are all in this together.

We’re headed to the SFIG conference in Las Vegas next week, let us know if you’re going, hope to see you there. The first table below is a summary of current offerings. RAMS has 26 portfolios for $691mm available
for sale.   The second table lists the 16 pools RAMS traded of the 48 portfolios we bid, since the last update. We’ve highlighted the prime HELOC pool, where can you get over an 8% coupon below 101!?!

Not on the list are CRA trades, which is a specialized program where we are able to fill a bank’s unique targeted area. Please share any feedback you have and send us your loans and/or inquiries. Let us help you with your
sourcing needs.