The ABS market was the only sector in structured finance to boost production in 2023, although issuance slipped in the fourth quarter. Residential MBS accounted for most of last year’s steep decline.
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What’s the latest with Ginnie’s management of $19.5 billion in HECMs under its control thanks to the failure of RMF? Hard to say. But it appears that Carrington is handling the servicing chores, possibly, through a subservicer.
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Researchers at the Office of Financial Research have developed new ways to gauge the risks banks face from potential losses on their securities holdings. The researchers caution that a number of banks showed signs of stress similar to the banks that failed in early 2023.
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The Federal Reserve’s plan to reduce the size of its balance sheet by $100 billion a month may have been too ambitious. Last year, actual run-off was closer to $75 billion a month.
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Fitch upgrades ratings on nearly half of outstanding GSE CRT issuance; delinquencies in commercial MBS declined in December led by improvements in loan performance for office properties; Morningstar plans new criteria for assessing securitizations tied to small businesses.
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The CFPB won't look the same, but also won't be eliminated, according to the DOJ.
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