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Inside MBS & ABS

July 21, 2022

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Business-Finance Market Slows 2Q22 ABS Issuance

A slump in equipment-finance and other business-related securitizations largely offset rising issuance volume in other sectors of the ABS market during the second quarter of 2022. (Includes two data charts.) Read More

Investors Await Clarity on Fed’s Actions Before Buying

MBS and ABS participants gathered in Las Vegas this week, discussing volatility and weak demand from investors. The consensus? Buyers will remain cautious until getting a better handle on the Fed’s actions. Read More

Thompson Hints at Changes to Rule on Commingled Securities

FHFA is working on an alternative to the single counterparty fee, triggered by a controversial provision in the new capital rule, that requires the GSEs to hold capital against one another as counterparties. Read More

GSEs Adjusting CRT Issuance as Investor Demand Weakens

Much like in other parts of the MBS and ABS markets, spreads are widening on CRT issuance from the GSEs, prompting some changes in activity at Fannie Mae and Freddie Mac. Read More

MBS Market Eyes ESG, Looking for Standardization

Angel Oak Director Robert McDonough noted the difficulties in pricing climate risks into securities. However, once investors can more actively analyze risks, residential MBS loan pools are likely to change, he said. Read More

Radian MI Throws Its Hat Into the MBS Conduit Ring

Mortgage insurers are good at analyzing credit risk, which might be why a second MI, Radian, has entered the non-agency conduit arena. Read More

Agency MBS Trading Has Another Weak Month

Lower origination levels continue to impact agency MBS trading volume. Meanwhile, credit quality fears are starting to gain traction in some quarters of the industry. Read More

Inflation Likely to Hurt Performance of MBS, ABS

S&P Global said its base-case assessment places the risk of recession over the next 12 months at 40%, “with the risk greater in 2023.” Read More

Investors Gobble Up LIHTC Properties

Higher cap rates and on-time rent payment rates have made LIHTC-supported housing attractive to investors in the post-pandemic economy. Read More

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