Despite plunging volume in rated MBS and ABS during the second quarter, some ratings services managed to increase market share. (Includes two data charts.)
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Fannie and Freddie recorded a huge increase in single-family MBS during the second quarter, capturing a huge share of the growing conventional-conforming loan market. (Includes data chart.)
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KBRA was accused of getting sloppy on due diligence tied to CMBS and CLO deals. Without admitting wrongdoing, the rating agency agreed to pay $2 million-plus.
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Recent uncertainty surrounding equities drove investors into bonds, especially agency MBS. One result: The average daily trading volume in agency product climbed to a multi-month high in August.
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ABS tied to Bojangles, powersports equipment and airline mileage programs recently hit the market. Meanwhile, a whole-business ABS from Planet Fitness was downgraded.
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While the delinquency rate for office property CMBS has (so far) been contained, the acceleration of the work-from-home trend may reduce demand for office space and increase cash flow volatility.
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There’s little uniformity in how non-agency MBS issued before 2018 will address the end of LIBOR. The majority of deals will switch to a fixed rate, while others allow for an alternative reference rate.
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