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Inside MBS & ABS

May 5, 2022

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Agency MBS Market Still Searching for New Normal

With refinance activity plummeting, lenders with concentrations of purchase loans were more likely to see their agency sales increase in April. Total agency MBS issuance fell 11% from March. (Includes two data charts.) Read More

GSE Portfolios Dwindle as Earnings Diverge

Fannie Mae’s first-quarter earnings declined due to higher loan loss provisions, while Freddie Mac posted higher profits on the back of credit-related income. (Includes data chart.) Read More

Federal Reserve Outlines Plans for Balance Sheet Reduction

The Federal Open Market Committee will begin letting agency MBS run off on June 1, but has no plans to actually sell securities. Read More

Ginnie Issuers Need to Explain Their MSR Valuations

Nonbanks will need to provide more details about how they value MSRs as Ginnie works on its new capital rules. The good news: MSRs are worth a lot more these days. Read More

Investors in Fix-and-Flip Loans Picky Amid Higher Interest Rates

While investors in fix-and-flip and other business-purpose loans are taking a closer look at loan characteristics and lenders’ practices, lenders are adjusting and considering locking in longer-term financing. Read More

A Small Second-Lien MBS Appears. More to Come?

The market for residential MBS backed by second liens is showing signs of life once again and nonbanks are rolling out new products. Is a renaissance afoot? Read More

SEC Proposal Aimed at Hedge Funds Could Cause CLO Problems

The SEC’s proposal on disclosure requirements and other standards for hedge funds, private equity funds and venture capital funds could have negative impacts for CLOs, SFA and others warn. Read More

Inflation Poses Risk for Portfolios of Weaker ABS Borrowers

The consumer sectors to watch out for include student loans, subprime auto and retail credit cards, according to Fitch Ratings. Read More

Blockchain Could Increase Disclosures for MBS and ABS

Norton Rose Fulbright’s Andrew Lom detailed some of the advantages and disadvantages of using blockchain in the securitization space. Read More

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