The non-agency MBS market fizzled badly at the end of 2022 as new issuance declined in all the key product categories. The ECM sector held up a little better than the prime non-agency market, while NPL/RPL securitization tanked. (Includes three data charts.)
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Prices on non-agency MBS took such a hit in 2022 that the market is now gaining popularity with investors, even with the threat of a recession. Still, new issuance in 2023 is expected to come in lower on an annual basis.
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The SEC’s rulemaking agenda includes climate-related disclosures, cybersecurity disclosures and other rules aimed at the MBS and ABS markets.
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Appraisal reduction amounts, which measure a new appraisal’s shortfall compared to the loan’s unpaid balance, are generally considered an indicator of expected losses.
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If the Second Circuit reverses a district court ruling and holds that a syndicated term loan is a security, the implications would be immense for banks, CLOs and other parties.
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Increasingly, nonbanks are using their “owned” MSRs as collateral for repo lines. And why not? Servicing values continue to be strong, and prepayments are almost non-existent.
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Spreads tightened this week for a new CRT transaction from Fannie and new non-agency MBS; prepayment rates on agency MBS exceptionally low; lessons from Silvergate Bank’s crypto activity.
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