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Inside MBS & ABS

May 18, 2023

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Failures Spur Another Drop in Bank MBS Investment

The failures of SVB and Signature Bank were the major causes of another decline in aggregate bank MBS holdings, but the fair value of the industry's portfolio remains well below amortized cost. (Includes two data charts.) Read More

Ginnie Fields Debt Ceiling Concerns From Asian Investors

In a recent trip to Asia, Ginnie officials assured investors that the structure of Ginnie MBS will help to protect them from any potential issues tied to a possible U.S. debt default. Read More

Mixed Views on FHFA’s GSE MBS Commingle Policy

FHFA is looking to reduce capital requirements for the GSEs’ issuance of commingled securities. Some are happy with the agency’s plan, while others argue that no capital requirements are necessary. Read More

‘Systemic Risk’ Coverage for Ginnie MBS/Servicing?

The fact that nonbanks dominate the Ginnie Mae servicing business does not rest well with some in Washington, DC. Is it time to create a backstop for the Ginnie MBS market just in case? Read More

S&P Revises Proposed Treatment of Insurers’ Assets

After receiving intense criticism and a warning from the DOJ, S&P revised a proposal for assessing risk-based capital at insurance companies. One of the changes involves MBS and ABS. Read More

Commercial MBS Volatility Provides Investor Opportunities

With spreads on commercial MBS at wider levels than they were during the early days of the pandemic, portfolio managers at DoubleLine Capital are looking to increase investments in the sector. They caution against painting the commercial MBS market with a broad brush. Read More

Porsche and New Subprime Issuer Offer Separate ABS

Porsche plans a return to the ABS market after seven years and Lobel Financial issued its first ever ABS. Read More

Grapevine: GSE CRT Suggestions; CMBS Delinquencies Increase

GSEs endorse FHFA proposal on call options for CRT; office properties drive up CMBS delinquencies; Ginnie makes appointments. Read More

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