Despite a surge in middle-market CLO issuance in the fourth quarter, total production of structured credit deals drifted lower in late 2022. Blackstone was the most active sponsor, while JPMorgan led in CLO underwriting. (Includes two data charts.)
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Even though the upfront fee Fannie and Freddie impose on commingled securities has been sharply reduced, some industry watchers argue that it has permanently damaged the market for Supers and REMICs.
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The proposed rule is meant to prohibit ABS issuers from engaging in “conflicted transactions” that could influence the deal structure in a way that puts their interests ahead of those of investors.
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Thanks to rising rates and sagging home values, early buyouts from Ginnie MBS are starting to look long in the tooth. Opportunities are out there, but are not for the faint of heart. (Includes data chart.)
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The agency’s earnings increased in fiscal year 2022 while its MBS issuance declined by 30.5% on an annual basis. Ginnie defended its reliance on contractors and upcoming revisions to capital requirements.
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Sophisticated pricing models for agency MBS, like the Bloomberg MBS Index, are subject to various sorts of model error. Experts say it takes an expert to know how to use them.
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Santander Bank’s CRT is backed by loans that have seasoned for 6.3 years; Two Harbors Investment earned comprehensive income of $1.83 to $1.87 per weighted average basic common share in the fourth quarter.
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