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Inside MBS & ABS

December 1, 2017

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Bank Holdings of Non-Mortgage ABS Decline Again in 3Q17, Some Institutions Still Buying

Commercial banks and savings institutions are not major investors in the non-mortgage ABS market, and their holdings slipped again during the third quarter of 2017, according to a newInside MBS & ABS ranking and analysis. Read More

GSE and Ginnie Mae Counterparties Could Get Hammered by MSR Language in GOP Tax Bill

Language in the pending Senate tax bill that could hammer the value of mortgage servicing rights is causing grave concern in the industry and, if the wording remains, nonbank mortgage firms could get hammered financially. Read More

Ginnie Mae to Issue Anti-Churning Measures Soon, Lawmakers Query Bright on Housing Reform Paper

Ginnie Mae will soon announce a series of measures to resolve improper refinancing of VA loans that is causing rapid prepayments in the agency’s MBS, according to Michael Bright, Ginnie’s acting president. Read More

Wide Variety in ABS Backed by Proceeds From Residential Mortgage Servicing Rights

Some servicers in recent years have tapped the securitization market to help finance the purchase of mortgage servicing rights. Structures for deals from three nonbanks have varied significantly, ac-cording to an analysis by Moody’s Investors Service. Read More

CRT Report Shows Market Implied G-fee Lower Than Actual Amount Fannie and Freddie Charge

The credit-risk transfer programs at Fannie Mae and Freddie Mac suggest that the two government-sponsored enterprises are charging MBS guarantee fees that are somewhat higher than market ex-pectations, according to a new Federal Housing Finance Agency report. Read More

Fed’s MBS Portfolio to Roll Off Within 3-4 Years, Trump Nominee Powell Tells Senate Banking Panel

There may be more room for private investors in the secondary mortgage market sooner than ex-pected, if congressional testimony this week from Federal Reserve Gov. Jerome Powell, President Trump’s nominee to replace Fed chief Janet Yellen, is a reliable indicator. Read More

Velocity Commercial Capital Finds Success with CMBS Backed by Mix of Residential Investment Properties

Velocity Commercial Capital is preparing to issue its second commercial MBS of the year backed by mortgages on residential investment properties and smaller commercial properties. The issuer’s deals have experienced some delinquencies but losses have been minimal. Read More

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