The mortgage industry is beginning to get a whiff of what reform of the nation’s housing-finance system might look like next year: a federal gurantee on a new breed of conventional MBS but no backing – at all – of the entities that issue guaranteed securities.
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As Congress worked on tax reform legislation, participants in the structured finance market didn’t raise many concerns, but the bill passed this week could cause some problems for MBS and ABS markets, according to the Structured Finance Industry Group.
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Since the start of 2015, credit ratings have been upgraded on nearly $350.0 billion of vintage non-agency MBS, according to Bank of America Merrill Lynch. The upgrades follow extensive down-grades during the financial crisis and can help create profits for investors.
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S&P Global was the most active rating service in the non-mortgage ABS market during the first nine months, having graded $95.88 billion in new issuance, or 58.5 percent of the market, according to a new Inside MBS & ABS analysis.
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The mortgage securitization rate edged up toward more normal levels during the third quarter, but the post-crisis slump in non-agency MBS activity continued to dampen the market.
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More first-time homebuyers took advantage of the government-sponsored enterprises’ 97 percent loan-to-value mortgage products this year – to the point where they likely took away market share from the FHA program.
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Fannie Mae, Freddie Mac and Ginnie Mae issued a combined $50.61 billion of real estate mort-gage investment conduit deals during the third quarter, a solid 19.0 percent increase from the previous three-month period.
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It’s been an ugly year for retail chain bankruptcies, which means investors in commercial MBS backed by such properties are continuing to feel queasy about some of the bonds they own.
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Moody’s Investors Service erred in a number of its ratings of Freddie Mac’s structured multifam-ily MBS pass-through securities because it failed to take into account the guarantees provided by the government-sponsored enterprise on classes of its K-deals.
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