Innoviva Inc
Change company Symbol lookup
Select an option...
INVA Innoviva Inc
APT Alpha Pro Tech Ltd
AIC Arlington Asset Investment Corp
PSAGW Property Solutions Acquisition Corp II *W EXP 03/01/2026
GSK GlaxoSmithKline PLC
TSLA Tesla Inc
MMD MainStay MacKay DefinedTerm Municipal Opportunities Fund
APSG Apollo Strategic Growth Capital

Health Care : Pharmaceuticals | Small Cap Blend
Company profile

Innoviva, Inc. is a company with a portfolio of royalties and other healthcare assets. Its royalty portfolio contains respiratory assets partnered with Glaxo Group Limited (GSK), including, RELVAR/BREO ELLIPTA (fluticasone furoate/ vilanterol, FF/VI), ANORO ELLIPTA (umeclidinium bromide/ vilanterol, UMEC/VI) and TRELEGY ELLIPTA (the combination FF/UMEC/VI). Under the Long-Acting Beta2 Agonist (LABA) Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR/BREO ELLIPTA and royalties from the sales of ANORO and ELLIPTA. RELVAR/BREO is a once-daily combination medicine consisting of a LABA, vilanterol (VI), and an inhaled corticosteroid (ICS) and fluticasone furoate (FF). ANORO ELLIPTA a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA, VI. TRELEGY ELLIPTA a once-daily combination medicine consisting of an ICS, LAMA and LABA.


Last Trade
0.00 (0.00%)
B/A Size

Market Hours

Closing Price
Day's Change
-0.05 (-0.30%)
Bid close
Ask close
B/A Size
Day's High
Day's Low

10-day average volume:

Jumbo home-loan originations near pre-2008 crisis levels

12:02 pm ET October 12, 2021 (MarketWatch)

By Joy Wiltermuth

Credit conditions in focus as big banks kick off earnings this week

U.S. home prices haven't been the only thing skyrocketing during the pandemic.

Originations of large "jumbo" U.S. residential mortgage loans that exceed "conforming limits" set for housing giants Freddie Mac and Fannie Mae could hit $550 billion this year, a level not seen since the run-up to the 2008 financial crisis, BofA researchers wrote Monday, in a weekly report.

They tallied jumbo originations at about $283 billion in the year's first half, putting the annual volume within reach of a post-crisis record. With the surge, "a large share" has been held in bank portfolios, but an increasing slice also has been securitized, or packaged up and sold to investors as private mortgage-bond deals (see chart).

Unlike the nearly $7.8 trillion agency mortgage-backed securities (MBB) market, the riskier and much smaller $780 billion private-label sector, dominated in recent years by jumbo loans, lacks government guarantees.

Jumbo home loans mostly go to borrowers with prime credit scores who need financing above the conforming limit set out for housing giants Freddie Mac (FMCC) and Fannie Mae (FNMA). That's currently about $548,000 on single-family residences in much of the U.S., but closer to $820,000 per home in New York, San Francisco and other high-cost areas. Those levels can increase annually.

Several public mortgage lenders, including PennyMac (PFSI), in recent weeks have said they would offer borrowers confirming loans of up to $625,000, a level that's anticipated to match the new federal guidelines for 2022, which are expected to be announced in November.

The race to make large loans on expensive homes comes as property prices have surged during the pandemic, up almost 20% from a year ago, as of July, while touching fresh records in many cities across the nation.

Read: Home prices rise at record pace for 4th consecutive month, but economists aren't worried about the housing market -- yet

Jumbo mortgage-bond issuance this year has already hit a post-2008 record of $38 billion, with $45 billion likely by year's end, according to the BofA team, which noted an expanded investor base for private-label mortgage bonds, but also low credit losses and "strong" origination guidelines.

It has been about 15 years since Wall Street fueled a boom in high-leverage mortgages to risky borrowers and a suite of exotic, housing-related derivatives that imploded when home prices tumbled, taking down investment bank Lehman Brothers and prompting a wave of U.S. and European bank bailouts.

Since that time, big banks have been required by regulators to hold more capital against potential loan losses, but also briefly during the pandemic were temporarily prevented from buying back their own shares.

Investors will be waiting to hear more about credit conditions from top executives at JPMorgan Chase & Co.(JPM), Bank of America Corp. (BAC) and Citigroup Inc. (C) when they kick off quarterly earnings this week.

Credit in the American housing market has expanded, but remains relatively tight in the years since millions of U.S. homes ended up in foreclosure. Qualified borrowers recently could get rates on 30-year fixed home loans below 3%, a cost-saving offset to the affordability crisis faced by many looking for a starter home.

Wall Street largely expects the Federal Reserve to spell out its plan in November for tapering its $120 billion in monthly emergency purchases of Treasury and agency mortgage-backed securities, a way of pulling back its monetary largess as the U.S. economy heals.

Signs that higher longer-term borrowing costs could be afoot for the U.S. economy can be traced to the 10-year Treasury rate's recent climb to 1.6%, it highest level since June, according to Dow Jones Market Data.

-Joy Wiltermuth


(END) Dow Jones Newswires

October 12, 2021 12:02 ET (16:02 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

Earnings Calendar and Events Data provided by |Terms of Use| © 2021 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2021. All rights reserved.