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Inside MBS & ABS

May 28, 2020

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Banks Report Modest Gain in ABS Holdings in 1Q20

The top two bank ABS investors — TD Bank and Charles Schwab — pared back their holdings in 1Q, but sizable increases at Bank of America and oth-ers boosted the industry’s total position in the market. (Includes two data charts.) Read More

ABS Investors Treading Cautiously Amid Volatility

Investors in the ABS market are mostly staying on the sidelines waiting for the coronavirus volatility to play itself out. Meanwhile, some investors are focusing solely on AAA-rated assets. Read More

Ginnie Mae PTAP Funding a Bit Light at $3M

Nonbank Ginnie Mae issuers increased their borrowings under the PTAP program in May but not significantly. Next up: FHA’s forbearance policy on loans in progress. Read More

Will the New Capital Rule Impact the GSEs’ Exit from Conservatorship?

Taking a close look at the much more stringent capital norms for the GSEs, Matthew Howlett, an equities analyst at Nomura, reiterated his buy rating for Fannie Mae. The hitch? He assumes a ROE of 11.4% by 2024. Read More

Is There a Future for Credit-Risk Transfers?

If the new rule had been in effect at 3Q19, CRT would have reduced the GSEs’ capital requirement by $22.1 billion. On the other hand, CRT provisions under the 2018 version would have provided $41.3 billion. Read More

Fannie Mae Moves Forward with Two CIRT Deals

Directed by its regulator to curtail non-insurance front-end risk transfer deals, Fannie is piling into CIRTs instead. Read More

SEC Urged to Ease Disclosure Requirements for Non-Agency MBS

The industry wants the SEC to align disclosure norms for publicly registered non-agency MBS with those followed in private placements. Read More

COVID-19 Deals a Big Blow to Commercial Lending

Production of commercial MBS for 2020 is expected to be less what was forecast earlier in the year, according to industry analysts. Read More

Borrowers Invoking Forbearance but Making Payments Anyway?

Yes, but the pattern could be short-lived, Black Knight believes. Read More

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