US government chides Pimco as UMBS debate reaches fever pitch

Announced back in 2011 and with a looming deadline in June, the debut of the uniform mortgage backed security (UMBS) has often been described as the most substantial reform to the US housing market in decades. But it has not been without its fair share of critics, including some money managers who still see virtues in two separately priced markets.

  • By Alexander Saeedy
  • 06 Feb 2019

Money managers have been among the most outspoken critics of the UMBS initiative, which involves the effective merger of the Fannie Mae and Freddie Mac to-be-announced (TBA) markets and will deprive investors of the ability to choose a specific government-sponsored enterprise (GSE) when purchasing in the TBA market.


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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.70
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.78

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3 Wells Fargo Securities 30,371.96 86 8.61%
4 Bank of America Merrill Lynch 27,582.56 87 7.82%
5 Credit Suisse 22,692.50 70 6.44%