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Inside MBS & ABS

June 25, 2020

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QM Proposal Might Impact GSEs’ Market Share

Under the CFPB proposal, which aims to establish a level playing field between the GSEs and the non-agency market, most loans will still be QMs, but there might be fewer incentives to sell the loans to the GSEs. Read More

S&P Maintains Lead in ABS Ratings, DBRS Tops in MBS

S&P, Moody’s and DBRS made the most of the surge in rated ABS issuance during the first quarter. Kroll and Moody’s managed to increase non-agency MBS ratings in a declining market. (Includes two data charts.) Read More

COVID-19 Infection at BNY Mellon Delays MBS Deals

A COVID-19 infection in the Dallas office of document custodian BNY Mellon is causing MBS transactions to backup. Read More

PennyMac Raises Dividend; Is It an Omen?

Nomura analyst Matthew Howlett says PennyMac's strong performance is a sign of boom times for mortgage lenders. He expects four or five IPOs of nonbank originators in the next nine to 12 months. Read More

New Residential Readies Security Backed by MSRs

New Residential is coming to market with a security backed by Fannie Mae MSRs. As for the cost of the paper, details were sketchy. Read More

CLO Credit Quality Expected to Further Deteriorate

The credit quality of collateralized loan obligations is expected to further deteriorate in the coming months, even though corporate issuers are stabilizing, according to the rating services. Read More

Financial Regulators Finalize Swap Margin Rule

Under the final rule, legacy interest rate swaps will remain valid even in the event the reference rate — typically LIBOR — has to be replaced. Read More

Consumer ABS Show Signs of Gradual Recovery

The consumer ABS sector is in recovery mode after hitting a rough patch due to the coronavirus pandemic, according to comments made during a recent webinar. Read More

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