Bank holdings of structured finance securities backed by business loans declined slightly in the fourth quarter, although several institutions grew their portfolios. (Includes data table.)
Bank holding companies sharply reduced their trading-account holdings of MBS and ABS in the fourth quarter. JPMorgan Chase and Citi recorded significant declines. (Includes two data tables.)
A proposal from S&P would have a wide-ranging impact on ratings of commercial MBS. Fitch is also considering allowing data center ABS to carry additional leverage.
Recurring revenue loans are primarily underwritten based on the borrower’s annual recurring revenue rather than on loan cash flows. RRL ABS issuance is expected to reach $14.3 billion this year.
Although traditional underwriting can adequately predict and price for the risk of default on individual mortgages, large pools are subject to risks from unobserved correlations between those loans.
Agency single-family business was down in February in almost every category, but 2025 so far is running ahead of last year’s pace. Ginnie reported a surge in modified-loan securitization. (Includes two data tables.)
Bill Pulte, nominee for FHFA director, and Jonathan McKernan, the nominee for CFPB director, detailed some of their plans.
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