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Inside MBS & ABS

January 12, 2023

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RMBS Issuance Stumbles to Lowest Output Since 2013

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.) Read More

Investors See Value in Non-Agency MBS After Volatility

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. Read More

SEC Planning Increased Disclosure Requirements for MBS, ABS

The SEC’s rulemaking agenda includes climate-related disclosures, cybersecurity disclosures and other rules aimed at the MBS and ABS markets. Read More

CMBS Appraisal Reductions May Surge in 2023

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. Read More

Trial in Syndicated Term Loan Case to Start in March

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. Read More

When in Doubt, Tap the MSR Asset for Repo Financing

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. Read More

Grapevine: Pricing Improving for GSE CRT, Non-Agency MBS

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. Read More

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