Sector developments and company hires

UMBS trades to be accepted

In support of the Single Security Initiative, Fannie Mae will begin accepting forward Uniform Mortgage-Backed Security trades with a trade date on or after 12 March, 2019 and settlement dates on or after 3 June, 2019. The announcement follows confirmation on 7 March, 2019 from SIFMA that their To-Be-Announced (TBA) Guidelines Advisory Council approved revisions to good delivery guidelines for the UMBS (decision summary). The SIFMA guidelines allow for forward June UMBS trades to be filled with existing Fannie Mae TBA-eligible MBS, or UMBS issued in June. 

Freddie Mac has also announced that it is set to issue the first Freddie Mac 55-day TBA-eligible UMBS on 3 June, 2019. Freddie Mac will no longer issue new Gold PCs with a 45-day payment delay after 31 March, 2019. Beginning 7 May, it also plans to offer holders of 45-day, TBA eligible and non-TBA-eligible PCs and Giants the option to exchange their eligible 45-day securities for 55-day Freddie Mac mirror securities.

US

Athena Art Finance Corp has appointed Cynthia Sachs ceo, president and board member. She replaces Andrea Danese, who has served as ceo since Athena’s launch in 2015 and has decided to pursue other opportunities. Sachs has served as cio since Athena’s inception and has more than 25 years of banking experience - encompassing structured finance and data analytics - including at Morgan Stanley, Bloomberg, Natixis and Bank of America. She will continue to serve as cio in her expanded role, as well as managing Athena’s loan underwriting and risk management functions.