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Inside MBS & ABS

September 30, 2021

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MBS Market Looks Stable as Fed Prepares to Pull Back

While banks and foreign investors have increased their holdings of agency MBS in recent quarters, the Federal Reserve continued to buy over half of net new issuance during the second quarter. (Includes three data charts.) Read More

A Back Door Into the Ginnie EBO Market (MSRs)

Auctions of early buyouts from Ginnie MBS continues apace. One way to enter the market: Buy the mortgage servicing rights instead. Read More

Debt Issuance by Fannie Mae and Freddie Mac Plummets

GSEs see sharp declines in both short-term and long-term debt as the impact from the pandemic ebbs. Read More

Despite its Advantages, Blockchain Remains a Rarity

A handful of MBS and ABS have incorporated blockchain in a limited fashion. Proponents of the technology suggest that it will improve efficiencies and decrease costs. Read More

Underwriting Overhaul Helped Non-Agency MBS Weather COVID

Changes to underwriting standards and home price appreciation helped investors in non-agency MBS largely avoid losses during the pandemic. By comparison, cumulative losses on subprime MBS during the financial crisis of 2008 hit nearly 20%. Read More

Some ABS Sectors Prove Resilient to the Pandemic

Several classes of ABS have performed better than expected during the pandemic, including oil and gas assets, airline loyalty programs and retail credit cards. Read More

TALF Boosted Investor Confidence in ABS Amid Pandemic

Although only $4.5 billion of TALF funding was requested during the facility’s pandemic-related course, the Federal Reserve program is credited with stabilizing the ABS market. Read More

Grapevine: GSE-Eligible Loans Still Flowing into Non-Agency MBS

Issuers are still stocking non-agency MBS with GSE-eligible mortgages for investment properties. Lenders and issuers are considering their options following a suspension of limitations placed on the GSEs. Read More

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