Federal Reserve Bank of New York Plans Agency CMBS Purchases for Next Week
Posted on 04/10/2020
The Federal Reserve Bank of New York (New York Fed) will purchase up to US$ 2 billion in agency commercial mortgage-backed securities for the week starting April 12, 2020. The Federal Reserve Bank of New York will purchase up to US$ 1.5 billion in agency CMBS on April 14, 2020 and up to US$ 500 million on April 16.
Schedule from Federal Reserve – dated April 10, 2020
| OPERATION DATE | OPERATION TIME | SECURITY TYPE | SECURITY DETAILS | OPERATION TYPE | SETTLEMENT DATE | MINIMUM LOT SIZE | MAXIMUM PURCHASE AMOUNT* |
|---|---|---|---|---|---|---|---|
| (MILLION) | (MILLION) | ||||||
| 4/16/2020 | 11:00 AM | Ginnie Mae Project Loans | GNR pass-through or front sequential, WAL 3+ years, prepay penalty does not accrue to tranche | Multiple Price | 4/21/2020 | $5 | $500 |
| 4/14/2020 | 11:00 AM | Fannie Mae Delegated Underwriting and Servicing (FNMA DUS) | 6-month open period, WAL 7+ years | Multiple Price | 4/17/2020 | $5 | $1,500 |
| 4/9/2020 | 11:00 AM | Fixed-rate Freddie Mac 10-year K-series Deals | A-2 Class, WAL 7+ years | Multiple Price | 4/15/2020 | $5 | $750 |
| 4/9/2020 | 11:00 AM | Fixed-rate Freddie Mac 10-year K-series Deals | A-1 Class, WAL 4+ years | Multiple Price | 4/15/2020 | $5 | $250 |
| 4/7/2020 | 11:00 AM | Fannie Mae Delegated Underwriting and Servicing (FNMA DUS) | 6-month open period, WAL 7+ years | Multiple Price | 4/13/2020 | $5 | $2,000 |
| 4/3/2020 | 11:00 AM | Ginnie Mae Project Loans | GNR pass-through or front sequential, WAL 3+ years, prepay penalty does not accrue to tranche | Multiple Price | 4/6/2020 | $5 | $500 |
| 4/2/2020 | 11:00 AM | Fannie Mae Delegated Underwriting and Servicing (FNMA DUS) | 6-month open period, WAL 7+ years | Multiple Price | 4/3/2020 | $5 | $1,500 |
| 3/31/2020 | 11:00 AM | Fixed-rate Freddie Mac 10-year K-series Deals | A-2 Class, WAL 7+ years | Multiple Price | 4/1/2020 | $5 | $1,000 |
| 3/27/2020 | 11:00 AM | Fannie Mae Delegated Underwriting and Servicing (FNMA DUS) | 10/9.5, WAL 7+ years | Multiple Price | 3/30/2020 | $5 | $1,000 |
From April 2, 2020 to April 8, 2020, the New York Fed purchased US$ 109.352 billion of agency mortgage-backed securities. The previous week the purchases totaled US$ 144.571 billion.
The New York Fed is authorized by the Federal Open Market Committee (FOMC) to buy and sell agency mortgage-backed securities (MBS) for the System Open Market Account (SOMA) to the extent necessary to carry out the most recent FOMC directive. The Federal Reserve began to add agency MBS to the SOMA portfolio again in March 2020 to support smooth functioning of mortgage markets.
Keywords: Federal Reserve System.