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Inside MBS & ABS

May 9, 2019

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Commercial MBS Issuance Drops Substantially in 1Q19

A huge downturn in issuance of agency multifamily MBS was the key factor in a 23% decline in commercial mortgage securitization during the first quarter of 2019. Non-agency CMBS production saw a gentler 6% downturn.

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GSE Retained Mortgage Portfolios Steady in 1Q19

Retained mortgage portfolios at Fannie Mae and Freddie Mac were relatively unchanged in the first quarter as increases in MBS holdings offset declines in whole loans. The portfolios still generate earnings, but guarantee business is the biggest source of income.

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PIMCO REIT Plans $1 Billion IPO; Focus on Agency Assets

PIMCO could raise $1 billion from an IPO for a newly-formed REIT, PIMCO Mortgage Income Trust, which will initially invest in agency MBS, followed by mortgage servicing rights.

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Fed Plans to Replace Its MBS Holdings with Treasuries

The normalization of the Federal Reserve's balance sheet will end in September, with the sale of some residual MBS.

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Ginnie Mae Mulling Changes to MBS Pool Eligibility

The agency is considering possible changes to the current criteria for delivering mortgages into multi-issuer mortgage-backed securities pools, including restricting VA cash-out refinance loans.

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Fast Prepays, VA Probe Could Affect Ginnie Market

So, you thought it was safe to re-enter the Ginnie Mae market? Maybe, maybe not. VA loan churning could be an issue again and federal investigators are asking questions about underwriting practices and delinquencies. Subpoenas have been issued. Read More

GSE Multifamily Businesses: Fannie v. Freddie

The single-family mortgage business gets all the press, but there are some intriguing differences on how the two report their multifamily results.

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Postal Property REIT Set to Go Public, Raising $100 Million

Postal Realty Trust is set to tap the capital market with a $100 million initial public offering in a bid to become the only publicly traded REIT dedicated to owning and managing USPS properties.

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S&P’s Proposed Criteria for CLOs Faces Criticism

S&P's proposal to loosen rating standards for CLOs was criticized by a former chief credit officer of the rating service. Annual issuance of CLOs increased by 9% in 2018 to $129 billion, with analysts warning of performance issues.

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Grapevine: GSE Recap & Release Nears; GAO Worries About Ginnie Staffing Levels, More…

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