Non-agency MBS hit the market ahead of Thanksgiving; rating upgrades possible with new commercial MBS methodology at Moody’s; timeshare securitization performance stable; Fitch extends comment period for proposed criteria to rate shipping container ABS; California launches tobacco-settlement securitization.
Congress is getting closer to passing legislation that would help legacy MBS and ABS transition away from LIBOR; there’s a securitization angle in Zillow’s move to discontinue its fix-and-flip business.
Issuance of new ABS through the first nine months of 2021 was up 38% from the same period last year and already the highest annual output since 2007. (Includes two data charts.)
Changes implemented in response to the financial crisis of 2008 helped the MBS and ABS markets perform better than expected at the onset of the pandemic.
Structured finance production held at historically high levels in the third quarter, though most sectors were down. Growth pockets included non-agency MBS and ABS. (Includes four data charts.)
Attendance was down at the recent Structured Finance Association convention in Las Vegas. Discussions touched on the non-agency MBS market and the GSEs, among other issues.
MBS and ABS face multiple physical and transition risks from climate change over the short, medium and long term, said panelists at the annual Structured Finance Association conference.
Several classes of ABS have performed better than expected during the pandemic, including oil and gas assets, airline loyalty programs and retail credit cards.
Although only $4.5 billion of TALF funding was requested during the facility’s pandemic-related course, the Federal Reserve program is credited with stabilizing the ABS market.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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