As a group, commercial banks and thrifts ended the second quarter of 2018 with slightly reduced holdings of single-family MBS, although several institutions raised their stakes in the market significantly, according to a new Inside MBS & ABS analysis and ranking. [Includes two data charts.]
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The average daily trading volume in agency MBS fell to $204.1 billion in July, the weakest reading of the year, according to the Securities Industry and Financial Markets Association.
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Fannie Mae and Freddie Mac appear to be on track for a June 2019 launch of the new uniform MBS, but the Securities Industry and Financial Markets Association has yet to issue a formal declaration on to-be-announced eligibility for UMBS.
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Thanks to higher interest rates and rock-solid valuations, the market for securities backed by mortgage servicing rights is beginning to heat up, with at least two deals hitting the market this month – one from PennyMac, the other from AmeriHome Mortgage.
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The Department of Justice this week announced a $4.9 billion settlement with the Royal Bank of Scotland to resolve legacy-related claims that the bank misled investors on the quality of residential MBS they purchased from RBS between 2005 and 2008.
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Mortgage servicers and investors often complain about long foreclosure timelines in states with a judicial foreclosure process, but Moody’s Investors Service said the delays will only marginally increase losses on residential MBS.
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There are fewer structural protections in today’s speculative-grade securities backed by subprime auto loans compared to below-investment grade issuances in the 1990s, according to an S&P Global analysis of the subprime auto loan ABS sector.
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Ginnie Mae officials described a two-pronged approach to assuring MBS investors that the agency is protecting their interests from the risk that issuers might fail to deliver principal and interest payments in a timely manner.
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