Moody’s proposed using two home-price forecasts when assessing loans in residential MBS. Currently, the rating service uses one fairly conservative forecast for home prices.
On some recently issued expanded-credit MBS, servicing fees have been as low as 5 basis points. S&P and some other rating services review deals applying assumptions for higher servicing fees.
S&P remained the top provider of ABS ratings at the nine-month mark despite a 24% drop in the third quarter, while Fitch held its lead rating residential MBS. (Includes two data tables.)
Hodgepodge of non-agency MBS; new commercial MBS tied to Rockefeller Center; limit-order option for lenders looking to sell into TBA MBS; Moody’s downgrades MBS issued by IndyMac in 1997.
Deals rated by Moody’s successfully navigated the end of LIBOR reporting; vintage MBS wrapped by MBIA downgraded; GSEs, Ginnie increase MBS disclosures; ICE offers emissions estimates for MBS; new TBA trading app from South Street Securities.
A task force at the National Association of Insurance Commissioners recommended adoption of a proposal to alter credit ratings on investments at insurance companies. However, NAIC didn’t move forward with the proposal at a meeting last week.
Fitch generally views the deals as “credit neutral” for bank ratings, though there are some instances where CRT usage could put a bank’s ratings at risk for downgrade.
It will be the 11th issuance of its type by loanDepot.
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