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Inside MBS & ABS

January 19, 2023

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ABS Issuance Thumped in 4Q22 but Rebound Ahead

The key vehicle ABS sector took a big hit in the fourth quarter but still accounted for over 40% of total ABS issuance last year. Analysts say market fundamentals are moving in the right direction. (Includes two data charts.) Read More

Have a Lower-Coupon Non-QM? There Are Options

For several quarters now, commercial banks have been hanging onto underwater non-QMs originated by their warehouse clients because a sale or securitization would blow a hole in the originator’s financial hull. But one of these days, the situation will come to a head, if it hasn’t already. Read More

Auto ABS Issuers Seeing Improving Demand

Spreads on auto ABS issuance are tightening and issuers are upsizing deals amid strong demand. Read More

MBS Investors Criticize GSEs’ New Social Index

The GSEs’ social disclosures should be as granular and specific as those reported for credit-risk transfer deals, according to investors. Read More

Ginnie Extends Certain Flexibilities Tied to COVID

Standards involving delinquencies and in-person audits of issuers will remain on hold through at least the end of June. Read More

The Relationship Between ESG Scores and Credit Ratings

Governance and social risks are the main ESG factors that affect credit ratings of MBS and ABS, while environmental relevance remains low, according to Fitch Ratings. Read More

Agency MBS Trading Slows at End of 2022

While agency MBS trading typically slows towards the end of the year, the average daily volume of trades in December 2022 was the lowest on record since the beginning of 2020. Banks are showing weak demand for the securities. Read More

Grapevine: Fee on Comingled Securities Slashed; Mixed Performance

The FHFA will significantly reduce a controversial fee for comingled securities in UMBS; no consistent trend in delinquencies and losses across MBS and ABS in December; term SOFR not an option as GSEs leave LIBOR behind. Read More

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