Ginnie officials meet with government and private finance entities in Taiwan and South Korea; Chase hopes to use securitization to reduce capital requirements; Fitch downgrades PacWest’s credit-risk transfer deal; KBRA gives all clear on bank exposure in non-agency MBS.
Silicon Valley Bank failed after complications involving funding provided to the bank by the Federal Home Loan Bank system and the Federal Reserve. MBS holdings also played a role in the bank’s failure.
The MBS held by two failed banks will soon hit the market; specified pool trades hit record level in March; Fannie increases disclosures on multifamily MBS; LIBOR to live on in synthetic form.
Mutual funds, foreign investors and insurance companies boosted their MBS holdings during the fourth quarter as banks and the Federal Reserve pulled back. (Includes three data charts.)
On any given day, a buyer can be found for two of the most liquid assets out there: Treasuries and MBS. But that doesn’t mean they can be sold at a profit. If anything, the bank liquidity crisis reminded us: Don’t put all your assets in one held-to-maturity basket. (Includes data chart.)
The Bank Term Funding Program comes in the wake of Silicon Valley Bank incurring losses on sales of MBS at current prices, which it undertook to pay back depositors.
Second-level GSE MBS issuance involving excess spread from servicing increased in 2022. Private-equity firms and real estate investment trusts are among the investors buying excess servicing.
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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