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Inside MBS & ABS

January 4, 2024

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Structured Finance Issuance Tumbles in Last Lap of 2023

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. Read More

Ginnie’s Plans for RMF’s Reverse Mortgage Portfolio Unclear

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. Read More

Researchers Offer Metric to Measure Securities Risk

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. Read More

Ten-Year Treasury Rate Not Necessarily Best for MBS

Industry veteran Chris Bennett explains why the five-year Treasury is the proper benchmark for current coupon MBS. Read More

Commercial MBS Issuance Expected to Increase in 2024

Falling interest rates and demand for alternative funding options should boost commercial MBS issuance, according to Morningstar DBRS. Read More

New Non-Agency Loan Securitizations Kick Off 2024

Three non-agency MBS hit the market this week and more deals are in the pipeline. Read More

Fed Slowly Reducing Its Balance Sheet

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. Read More

Grapevine: GSE CRT Upgraded; CMBS Delinquencies Decline

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. Read More

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