A huge rebound in securitization of credit-card receivables in 2017 helped boost the non-mortgage ABS market to a significant 21.2 percent increase in new issuance, according to a new rank-ing and analysis by Inside MBS & ABS.
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Although the stars might be aligned for legislative reform of Fannie Mae and Freddie Mac this year, new developments late this week illuminate the difficulty of the task at hand.
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After a typical lull at the end of the year, issuance of non-agency MBS is coming fast and furious. A number of issuers are prepping deals backed by a variety of newly originated loans, including prime jumbo mortgages, expanded-credit mortgages and loans eligible for sale to the government-sponsored enterprises.
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Issuers of MBS and ABS are finding ways to finance their holdings of retained risk in the wake of risk-retention requirements that came into effect in 2016, according to attorneys at the law firm of Mayer Brown.
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Freddie Mac recently introduced a new front-end credit-risk transfer option for its Agency Cred-it Insurance Structure program, the second-largest form of its CRT activity.
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The plan of the Federal Reserve’s Open Market Committee to shrink the U.S. central bank’s huge balance sheet probably will unfold with a bit of a lag because of the uncertainty surrounding principal payments and the forward-settling nature of the to-be-announced MBS market, according to economists at the Federal Reserve Bank of New York.
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After their case against the Federal Housing Finance Agency was dismissed by the U.S. District Court for Delaware in November, government-sponsored enterprise shareholders David Jacobs and Gary Hindes recently filed an appeal.
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Correspondent lenders and insurers may benefit from a recent decision by the U.S. Appeals Court for the Eighth Circuit regarding indemnification for prior settlements.
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