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Inside MBS & ABS

April 6, 2018

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MBS/ABS Market Off to a Slow Start in 2018 as Agency MBS Production Slumps

Agency single-family MBS represents a huge share of the asset-securitization market. So when Fannie Mae, Freddie Mac and Ginnie Mae turn in a weak quarter, it drives down total issuance. Read More

Acting Ginnie Mae Chief Michael Bright Worries About Liquidity as Nonbanks Still Dominate Sector

Ginnie Mae has no plans to reduce the number of issuers it oversees or raise capital standards for servicers, but in an interview with Inside MBS & ABS this week, Executive Vice President Michael Bright made it clear he’s worried about liquidity – a lot. Read More

Single-Security Launch Set for June 2019, FHFA Urges Industry to Start Planning for Transition Today

Fannie Mae and Freddie Mac will begin issuing the long-awaited uniform MBS on June 3, 2019, but the Federal Housing Finance Agency strongly urges the industry to not delay getting ready. Read More

Ginnie Mae Penalizes VA Securitizers for Excessive Refis, Move Could Drop Interest Rates for First-Time Buyers

Two of the nine MBS issuers that Ginnie Mae singled out for unusual MBS prepayment speeds reportedly have been restricted from the agency’s multi-issuer MBS pools. Read More

MBS Trading Volume on the Rise Early in 2018, But Ginnie Prepay Concerns Linger

As rates continued to rise early this year, the average daily trading volume in agency MBS topped $239.2 billion in February, the best showing in at least 14 months, according to figures compiled by the Securities Industry and Financial Markets Association. Read More

Lawyers Argue Risk-Retention Requirements Don’t Apply to Some Commercial MBS and Esoteric ABS

Certain types of MBS and ABS appear to have some wiggle room regarding risk-retention requirements. According to industry lawyers, many single-asset/single-borrower (SASB) commercial MBS can be structured to avoid risk retention and the rules might not apply to certain esoteric ABS. Read More

Barclays Negotiates Its Legacy Non-Agency RMBS Settlement Down to $2 Billion

Barclays Capital and its affiliates will pay $2.0 billion to settle claims brought by the U.S. Department of Justice related to the company’s underwriting and issuance of non-agency residential MBS before the financial crisis. Read More

Morningstar Withdraws Unsolicited Ratings on CMBS, Citing Lack of Interest from Investors

Morningstar Credit Ratings announced the withdrawal last week of unsolicited ratings the firm had placed on some non-agency commercial MBS. While regulators have encouraged the publication of unsolicited ratings, investor demand has been tepid. Read More

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