Most REITs reported further declines in the holdings of agency MBS and TBA positions during the second quarter. But a handful of firms continued building their MSR portfolios and non-agency MBS investment was up slightly. (Includes data chart.)
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Most of the drop in bank ABS investment came in consumer-backed deals as Wells Fargo, Charles Schwab, TD Bank and others pared their holdings of these securities. But Schwab and TD both added significantly to their credit card and auto ABS. (Includes two data charts.)
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Members of the housing finance industry welcomed signs of continued discussion with Ginnie Mae and the Federal Housing Finance Agency as they prepare for the agencies’ aligned capital requirements.
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The Inflation Reduction Act will likely increase solar ABS transaction volume and improve performance, KBRA said, due in large part to its enhancement of an existing investment tax credit.
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Prepayments on student loan ABS could spike amid debt forgiveness; Annaly sells stock; the Erbey-Altisource-PIMCO connection; commercial MBS at risk with potential bankruptcy of Regal Cinemas owner.
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