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Inside MBS & ABS

June 29, 2018

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Nonbanks Increasingly Taking Over Agency MBS Production, as Market Becomes More Top-Heavy

Nonbanks have dominated the Ginnie Mae MBS issuer ranks for several years, and they are gradually claiming a bigger share of the government-sponsored enterprise market, according to a new analysis by Inside MBS & ABS. [Includes one data chart.] Read More

Nonbanks Feel the Heat as Some VA IRRRL Loans Miss The Securitization Deadline Set by Reform Legislation

Close to $500 million worth of VA Interest Rate Reduction Refinance Loans that do not meet new seasoning requirements ushered in under the recently approved Dodd-Frank reform act are in “orphan status,” causing financial headaches for the lenders that originated them. Read More

Rating Services Comfortable with the Types of GSE- Eligible Mortgages Going into Non-Agency MBS

The influx of mortgages eligible for sale to the government-sponsored enterprises being delivered to non-agency MBS is largely credit-neutral for MBS investors, according to rating services. Read More

Street Firms Barclays, Deutsche, Credit Suisse and Others Offering Repo Lines for Non-QM Lenders

A decade after the nation’s subprime mortgage market came to a crashing halt, traditional Wall Street firms are now back in the game, offering repo lines and other forms of financing to a new breed of non-agency lender that plies its trade in the “expanded credit” mortgage sector. Read More

Strong Demand Helps Bring Two Lenders Back to ABS Market; Positive Reception for First-Time Issuer

After a couple of years away from ABS issuance, loanDepot and Volkswagen are providing collateral for new deals. Meanwhile, Freedom Financial Network is a first-time issuer. All are getting positive reaction from investors. Read More

DBRS Tops in Rating Non-Agency MBS in 1Q18; S&P Leads in Bigger ABS Market

DBRS maintained its lead position as the top rating service in the non-agency MBS market during the first quarter of 2018, according to a new Inside MBS & ABS ranking. [Includes two data charts.] Read More

PACE ABS Will Have Stronger Credit Strength With Consumer Protections in Place, Rating Services Say

Efforts to adopt certain consumer protections at both the state and federal levels will increase credit strength for ABS backed by Property Assessed Clean Energy programs, rating services said. Read More

Supreme Court Delivers Final Blow to Nomura, RBS MBS Lawsuits, Upholds Earlier Decision

The U.S. Supreme Court decided this week that it’s not going to hear an appeal from Royal Bank of Scotland and Nomura Holdings, which were hoping to overturn an $839 million award ruling on an old MBS suit. This puts an end to a drawn out seven-year battle between the government and the two banks. Read More

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