Last Friday, American Banker reported that under the upcoming Qualified Residential Mortgage (QRM) rules, securitizers will have the option of retaining risk either in the form of a vertical slice or a horizontal slice, KBW reports.
“While retaining a vertical slice should be beneficial to bank securitizers, we do not think it will put non-banks at a disadvantage,” KBW writes. “We reiterate our OP rating on PHH Corporation PHH.”
PHH Corporation closed Friday at $20.77.
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