Credit Suisse rejects bids for non-agency MBS servicing handled by SPS; SFA President Kristi Leo to depart; Ginnie sets timelines for transition away from GinnieNET; hotel operator details reasons for ceasing payments on loan in commercial MBS.
Removals from Ginnie MBS were few and far between in the first quarter of 2023 as elevated interest rates limited loan payoffs and other withdrawal activity. (Includes data chart.)
The two most significant forecasting models for MBS prepayments are struggling under the weight of the COVID-19 pandemic and the recent bank failures, according to a new TCW report.
CRT transactions from Western Alliance Bank and Pacific Western Bank face scrutiny amid bank failures; impairments on unsecured consumer loans in ABS decline; Credit Suisse and what’s to come.
The FHFA will significantly reduce a controversial fee for comingled securities in UMBS; no consistent trend in delinquencies and losses across MBS and ABS in December; term SOFR not an option as GSEs leave LIBOR behind.
In late December, Ginnie seized HECM servicing from Reverse Mortgage Funding, which had recently filed for bankruptcy. Other HECM servicers are also facing liquidity pressure, according to industry analysts.
KBRA said that third-quarter MBS issuance volume didn’t meet its expectations and will drop rapidly in the coming year. Meanwhile, both DBRS and Moody’s noted that performance is stabilizing.
The CMBS delinquency rate will be steady through the end of the year, Fitch Ratings said, before deteriorating in 2023. Meanwhile, KBRA found that most of the single-borrower CMBS loans in default developed performance problems during the height of pandemic lockdowns.
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