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Inside MBS & ABS

December 3, 2020

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GSEs Lift Agency MBS to Another Monthly Record

The agency MBS market is on track to securitize over $2 trillion of refinance loans and $1 trillion of purchase mortgages in 2020. Nonbanks accounted for over 70% of new issuance in recent months. (Includes two data charts.) Read More

LIBOR’s End May be Delayed. Legacy Contracts Hang in the Balance

The use of LIBOR as an index is slated to end in just under 13 months but the benchmark administrator has other ideas. One issue: legacy contracts. Read More

Delinquencies on Non-Agency MBS Still a Concern

Performance on non-agency MBS has improved after the spike in late payments seen in the spring. However, borrowers who are still delinquent could prompt losses for investors. Read More

Biden’s FHFA May See CRT Deals Through a Positive Lens

The FHFA’s capital requirements include relatively harsh treatment of credit-risk transfer transactions from Fannie and Freddie but that view could change under the Biden administration. Read More

GSE Fears Averted, Can the Street Rest Easy?

Wall Street’s mind has been put to ease regarding an expedited conservatorship exit for Fannie and Freddie but concerns remain. Read More

Fannie is Preparing a Multifamily MBS REMIC

Fannie’s new REMIC election for its multifamily MBS will not change their basic structure. The asset will remain as a single-class pass-through security is-sued through a trust agreement. Read More

Republicans and Democrats Spar over TALF Extension

Democrats said the Treasury’s decision to end the TALF facility at the end of the year was a political move to prevent the incoming Biden administration from stabilizing the economy. Read More

Ginnie Audit Finds Deficiency in Financial Reporting

Overall, Ginnie’s financial statements were represented fairly in all material respects, an independent auditor found. Read More

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