Issuance of new ABS through the first nine months of 2021 was up 38% from the same period last year and already the highest annual output since 2007. (Includes two data charts.)
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While caps on GSE acquisitions of loans for investment properties were suspended mid-September, non-agency issuers continue to package the loans in their MBS. Three firms entered the sector during October.
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Fannie paused its CRT issuance in 2020 after the FHFA proposed changes to the capital treatment of CRT transactions. Freddie continued to issue deals, but Fannie wasn’t persuaded to return until a proposal by the FHFA in September.
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The non-agency securitization business is hot but maybe it’s too hot? Some market participants contend issuing banks are eyeing the rating services for talent.
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Investors bought more MBS in September than August if trading numbers are any indication. Meanwhile, all eyes are on the Fed and the question of tapering.
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The central bank may reduce its purchase of new agency MBS, but experts say it’s unlikely to allow current holdings to roll off. That reinvestment strategy means the Fed’s post-taper purchases could approach $60 billion in MBS a month.
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