Issuance has started with a bang in 2022 as commercial MBS performance in 2021 continued to beat market expectations.

The non-agency CMBS market posted a huge 97.4% increase in issuance in 2021, led by the securitization of office and industrial-property mortgages. Fannie, Freddie and Ginnie continued to dominate multifamily MBS with a steady 8.3% gain. (Includes two data charts.)

When looking at activity by rating services in 2020, the SEC found problems involving ABS and CLOs, among other issues. The regulator as usual didn’t identify the offenders.

The share of loans in commercial MBS experiencing high levels of losses is increasing, according to Kroll Bond Rating Agency.

SFVegas pushed back to July; commercial MBS delinquencies rise for first time in more than a year; Fannie obtains ratings for older CRTs; Verizon to issue more ABS tied to cellphone payment plans.

A Florida-based investor is touting the profits available from commercial MBS with distressed malls. The trade runs counter to the “mall shorts” that helped generate massive returns for some investors last year.

The House passes legislation to help address legacy contracts for MBS and ABS tied to LIBOR; the SEC expands payment methods for various filing fees; transportation ABS is performing well despite supply chain issues.

Roughly two years ago, a Canadian pension fund bought into SitusAMC. Now, rumors are circulating the entire firm might be up for grabs.

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.

Fannie Mae knows that the loans in its green programs aren’t necessarily super-green, but officials at the GSEs say incremental improvement in existing buildings is a major goal.