Loans for the Westfield San Francisco Centre are in various commercial MBS; Ginnie expands RON options; Fitch rates PennyMac Financial Services; DBRS to assess securitizations of home-equity agreements.

Issuers of non-agency MBS need to do more to help attract investors to the sector, according to industry participants.

The first prime auto loan ABS from Volkswagen since late 2021 was upsized this week. And GLS offered its first near-prime auto ABS, expanding on subprime offerings.

Data show that, in the wake of natural disasters, lenders are more likely to approve, originate and sell mortgages to the government-sponsored enterprises. This raises issues of moral hazard and adverse selection, according to economists.

Between 2015 and 2022, the private mortgage industry transferred more than $20.8 billion of risk exposure via the issuance of 51 insurance-linked notes through the capital markets.

Issuance of student loan ABS has been constrained by rising interest rates and uncertainty on federal forbearance policies, among other issues. With payment requirements on federally backed loans set to resume, delinquencies could increase.

Credit Suisse rejects bids for non-agency MBS servicing handled by SPS; SFA President Kristi Leo to depart; Ginnie sets timelines for transition away from GinnieNET; hotel operator details reasons for ceasing payments on loan in commercial MBS.

Lower demand and drastically reduced issuance may balance out in the MBS market. Meanwhile, high spreads mean the asset could attract new investors.

Numerous industry participants support FHFA developing a social bond designation for single-family MBS issuance from the GSEs. There are lingering concerns about the impact on the agency MBS market and borrower privacy.

The need for Ginnie Mae nonbank issuers to have ongoing access to capital is key to their success, and that informs the agency’s approach to policy and risk management, said Ginnie President Alanna McCargo.