For the first time, Freddie was able to charge a higher average g-fee for new single-family business during the fourth quarter of 2019. Pricing disparity was a key driver in the development of the uniform MBS.
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Issuance of single-family MBS backed by newly originated loans rose 12.3% from the third to the fourth quarter, while primary-market production was up just 7.9%. (Includes data chart.)
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The SEC is facing pressure to address “ratings shopping” in the MBS and ABS markets. Big rating services are not keen to switch from the issuer-pays model.
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The move from LIBOR to SOFR suffered a setback in December when financial institutions issued less than $4 billion in floating-rate notes tied to the new reference rate.
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The coronavirus outbreak may strike little-known pandemic bonds issued by the World Bank in 2017. Travel restrictions in response to the outbreak may also impact ABS backed by aircraft leases.
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