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Inside MBS & ABS

March 5, 2020

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Monthly 1-4 Fam Agency MBS Issuance Down in February

Freddie Mac saw a much bigger decline in monthly volume than Fannie Mae and Ginnie Mae. February issuance suggests a tapering in refinance demand. (Includes two data charts.) Read More

SFA Floats Self-Governance in Non-Agency Market

If the non-agency MBS market wants to avoid harsh regulations, it should seriously consider self-governance as an option, the Structured Finance Association believes. Read More

As Rates Keep Falling, In MBS We Trust. Right?

Rates have fallen to historic lows, with MBS values rising. However, as the weekend approached uncertainty prevailed. The wild card: prepayment speeds. Read More

Sharp Drop in VA High-LTV Cash-Out Refis Post Pooling Curbs

Issuance of VA cash-out refis with high loan-to-value ratios could drop 50% this year due to pooling restrictions imposed by Ginnie in November. VA’s lower-LTV cash-out tiers are expected to pick up the slack. Read More

SEC Mulls Tighter Disclosure Rules for MBS, ABS Ratings

The SEC’s Office of Credit Ratings is exploring how it can address conflicts of interest in ratings of MBS and ABS. An increase in performance-related disclosures and boosting unsolicited ratings are being considered. Read More

FHFA Not Well-Staffed for Post-Conservatorship Role

The FHFA’s inspector general has criticized the agency’s workforce planning process, particularly in the Division of Enterprise Regulation. Read More

Freedom’s REIT Eyeing Non-QM But Not Ready to Commit

Cherry Hill, a Freedom Mortgage-affiliated REIT, likes the non-QM market but isn’t ready to jump in the pond. Maybe in 2021? Read More

Repo Market Still Not Recovered from September Scare

The New York Fed performed two separate repo market maneuvers on Tuesday: a $100 billion overnight operation and a $20 billion 14-day assignment. Both were oversubscribed. Read More

Retail Woes Continue to Put CMBS at Risk

Continued retail store closures put billions of dollars in commercial MBS at risk. Fears of coronavirus outbreak added even more pressure. Read More

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