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Inside MBS & ABS

August 10, 2023

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CLO Issuance Cools in 2Q23, Risks for Lower-Rate Deals

There were increases in CRE and refinance CLO issuance during the second quarter, but the market’s bread-and-butter sectors — BSL and MML — both saw declining production. (Includes two data charts.) Read More

Select Portfolio Servicing Placed Into a ‘Bad Bank’?

SPS, inherited by UBS when it purchased Credit Suisse in June, has been placed into a “bad bank,” sources indicate. Read More

Ginnie Working to Help Nonbanks, Smaller Lenders

Ginnie Mae President Alanna McCargo detailed an effort to establish a credit facility for nonbanks and plans to expand the pool of contributors to Ginnie MBS. Read More

Borrower Payoffs Drive Up Ginnie Loan Removals

Mortgage payoffs accounted for nearly 90% of loan repurchases from Ginnie MBS in the second quarter. Early buyout activity remains constrained due to elevated interest rates. (Includes data chart.) Read More

Fitch’s Downgrade of U.S. Reverberates to MBS, ABS

Downgrades of GSE CRT transactions, Freddie Mac K-deals and student loan ABS followed a downgrade of the credit rating for the U.S. to AA+. Read More

SEC Informs DBRS of Recordkeeping Violations

DBRS said it’s in talks with the SEC to resolve a potential enforcement action related to its compliance with recordkeeping requirements. Read More

CMBS Delinquencies Reach Highest Levels Since 2021

CMBS delinquencies are on the rise but some industry participants believe fears of mass foreclosures in the sector are overblown. Read More

China’s MBS-Like Product Pitched for U.S.

Can a financial innovation in the Chinese capital market serve as a hedge for MBS? Read More

Grapevine: Issuers Exempt from Cybersecurity Rule; New Deals

SEC exempts MBS and ABS issuers from cybersecurity disclosure requirements; plethora of novel ABS issuance; student loan ABS defaults hit record high. Read More

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