JPMorgan Chase continued to hold the biggest portfolio of MBS/ABS in trading accounts. Bank holding companies posted a 14.9% increase in agency MBS held in trading accounts. (Includes data chart.)
A lawsuit filed by New York’s attorney general against Donald Trump put a spotlight on valuation practices for commercial properties. Commercial MBS participants note that protections are in place regarding potentially inflated appraisals.
DBRS released proposed updates to its North American CMBS Insight Model and multi-borrower rating methodology, and Moody’s proposed revisions to its SFR securitization loan-level legal analysis framework and added transparency on analysis of transaction-level legal risks.
Office property occupancy still hasn’t recovered from the pandemic, putting downward pressure on valuations and the availability of liquidity for both CMBS and CRE borrowers.
Prepayments on student loan ABS could spike amid debt forgiveness; Annaly sells stock; the Erbey-Altisource-PIMCO connection; commercial MBS at risk with potential bankruptcy of Regal Cinemas owner.
An appeals court overturned a ruling that ordered UBS to pay more than $2.5 million to a former commercial MBS research analyst. The verdict conflicts with other circuit court decisions and could end up at the Supreme Court.
While key sectors in the non-agency CMBS market faltered in the second quarter, retail and hospitality both saw hefty gains in securitization volume. The GSEs upped their issuance of multifamily MBS, but Ginnie production was down. (Includes two data charts.)
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