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Inside MBS & ABS

July 16, 2020

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Non-Agency RMBS Issuance Hit Hard by COVID in 2Q20

Securitization of expanded-credit mortgages was the only non-agency sector to see increased issuance during the tumultuous second quarter of 2020. Jumbo and scratch-and-dent production fell sharply from the first quarter. (Includes two data charts.) Read More

MBS Trading Volumes Swoon as Rates Keep Falling

The average daily trading volume in MBS continues to head south as new creation proliferates and investors worry about the Dow blowing up again. Read More

Non-Agency MBS Investors Wary of Servicing Reporting

There’s a lack of standardization among non-agency MBS servicers regarding reporting of loans in forbearance. Investors are having difficulties understanding what exactly servicers are doing. Read More

Rating Services Adjust Criteria to Account for Coronavirus

Rating services are requiring higher credit enhancement levels and taking negative actions on outstanding deals due to problems stemming from the coronavirus. Fitch finalized new criteria for residential MBS late last week. Read More

FSOC Moves Forward with Secondary Market ‘Review’

The Financial Stability Oversight Council wants to take a close look at the secondary mortgage market but isn’t letting on about its agenda. Maybe a “housing czar” will come out of this, some wonder. Read More

Mortgage REITs Return in Post-COVID Economy

With overnight funding in the agency repo market hovering around 15 basis points and term repo rates a shade above the one-month LIBOR, yields for agency mREITs could edge upward, KBW analysts predict. Read More

Citigroup Revives Deal for CMBS Backed by Hotels

The $413.3 million commercial MBS backed by a portfolio of hotels was originally announced in February but postponed due to market volatility caused by the coronavirus pandemic. Read More

Ginnie Mae Launches Digital Collateral Program

Ginnie Mae will soon start accepting electronic promissory notes and other digitized loan files as collateral for its MBS program. Read More

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