The reputation of being a safe, liquid asset adds about 47 basis points to the “convenience premium” of agency MBS over investment grade bonds, according to the National Bureau of Economic Research.
Issuance of agency real estate mortgage investment conduits/collateralized mortgage obligations was essentially flat in 2021, with Ginnie sharply increasing its volume while GSE issuance declined. (Includes data chart.)
Fannie resumed issuing credit-risk transfer notes in October after a long break. Still, GSE CRT issuance couldn’t match 2020’s volume. (Includes data chart.)
The Federal Housing Finance Agency plans to implement tiered financial requirements for nonbank servicers and set harsher treatment for Ginnie servicing than what’s currently required for GSE seller/servicers.
The GSEs combined netted $7.93 billion in fourth-quarter profits on $13.21 billion in net revenue while shrinking their retained mortgage portfolios by $4.45 billion. (Includes data chart.)
Fannie removed some loans from its MBS early; Guaranteed Rate restructured a jumbo MBS before issuance; the GSEs are prepping separate risk- sharing transactions.
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.
Some of Cenlar’s subservicing clients are eyeing a switch. But when it comes to securities holders whose assets are being serviced by the vendor, so far, there isn’t much to worry about.
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