Commercial banks and the Federal Reserve pulled back from the MBS market in the third quarter, but the supply of outstanding securities continued to grow. Money-market funds and other investors appear to be picking up some of the slack. (Includes two data charts.)
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The sharp slowdown in issuance of uniform MBS and Ginnie pass-throughs during the third quarter led to a parallel decline in second-level securitizations. (Includes two data charts.)
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When times get tough, the smart money starts to find ways to save money any way it can. If you’re SFR REIT Invitation Homes, prepaying an outstanding MBS is one way to go.
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Fitch Ratings said the most robust subprime auto ABS issuers will probably perform well even in a downturn, but several risks lie ahead for the sector.
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The tide may be turning for MBS-gobbling real estate investment trusts. If you’re an investor looking for a buy-low, sell-high trade, this may be it. That is, as long as rates don’t reverse course and head higher. Meanwhile, it’s almost a year since SoFi became an FDIC-insured bank.
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