"Luck of the Irish" Won't Fix Housing Deficit; And "Pot of Gold" in NY/CEMA Labyrinth

Kirill Krylov and Steven Scheerer discuss widening mortgage spreads amid rising Treasury yields and a Fed that remains firmly in wait-and-see mode. They examine the persistent U.S. housing shortage and the growing impact of mortgage rate lock-in on market turnover. The episode then dives into the classic New York specified pool story, explaining how the state’s mortgage recording tax and CEMA refinancing process create powerful call protection for agency MBS investors. Finally, they examine the rebranding of PHH Mortgage to Onity and why servicing transfers of delinquent loans could accelerate resolution activity and affect prepayment speeds.