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Inside MBS & ABS

March 1, 2018

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MBS and ABS Markets Largely Functioning Well as Vegas Conference Breaks Industry Attendance Record

Participants in the MBS and ABS markets gathered in Las Vegas this week, trading stories about how well the market is operating while vendors handed out some surprisingly expensive gifts. Read More

Mortgage REITs Continued to Build MBS Portfolios In 2017 and Padded GSE Risk-Transfer Holdings

Real estate investment trusts that specialize in residential mortgage credit continued to add to their MBS holdings during the fourth quarter of 2017, according to a new Inside MBS & ABS ranking. Read More

Despite Rising Rates, REITs That Focus On MBS Investment Should Be Just Fine

Rising interest rates can be a two-edged sword for MBS-investing real estate investment trusts: prepayment speeds will inevitably fall (the good), while new securities to buy could be in short supply thanks to lower originations in the primary market (the bad). Read More

Ginnie Mae Examines Potential Risk Sharing Between FHA, Private Capital; Pilot Transaction Eyed This Year

Ginnie Mae is exploring the possibility of loan-level credit risk sharing with the private sector on FHA-insured loans securitized through the agency, according to a top Ginnie Mae official. Read More

Treasury Counselor Craig Phillips May Be the Heir Apparent at the FHFA

Federal Housing Finance Agency Director Mel Watt has less than 11 months left in his term, but already the speculation has begun regarding who the Trump administration might pick to succeed him. Read More

Strong Demand for Credit-Risk Sharing Deals As GSEs Make Tweaks to Improve Issuance

Risk-sharing transactions from the government-sponsored enterprises are experiencing strong demand at issuance as well as in secondary trading. Officials at Fannie Mae and Freddie Mac note that they’re working on further improvements for the Connecticut Avenue Securities and Structured Agency Credit Risk programs. Read More

SEC No-Action Letter Expands Applicability of 1940 Act Registration Exemption for Securitizers

The Securities and Exchange Commission has broadened the scope of an exemption for registering as an investment company to include sponsors of multiple securities that hold whole mortgages. Read More

Rating Services Point to Growing Use of Appraisal Alternatives as a Market Concern

Alternatives to traditional appraisals are attracting increasing interest among U.S. mortgage market participants, which would potentially weaken the credit quality of new residential MBS, according to rating service analysts. Read More

Fannie Mae, Freddie Mac Shareholder Case Against Treasury Rejected by Supreme Court

Fannie Mae and Freddie Mac shareholders who are contesting the government’s net worth sweep may have few options left now that the Supreme Court of the United States has rejected their plea for appeal of lower court rulings that went against them. Read More

Fannie and Freddie Portfolios Dwindled Further In 4Q17, Non-Agency Holdings Almost Gone

Fannie Mae and Freddie Mac reduced their combined mortgage portfolios to $484.2 billion during the fourth quarter of 2017, according to an Inside MBS & ABS analysis. Read More

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