Rate-term refinances still account for a relatively small share of total agency MBS production, but volume jumped 22% from December to January. Many top sellers shifted more of their business to Fannie. (Includes two data tables.)
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Annaly Capital Management is preparing to issue a rare non-agency MBS stocked solely with bank-originated adjustable-rate mortgages. Loans in the MBS were originated by Associated Bank.
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Credit unions have found a way to unload low-coupon agency-quality mortgages through participation deals. MIAC is working on a $100 million transaction.
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The National Association of Insurance Commissioners is working to establish a process that would allow the regulator to alter the ratings assigned to certain MBS and ABS held by insurance companies.
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An appeals court in Minnesota upheld a practice in the commercial MBS market allowing for the creation of litigation reserve accounts. Junior investors in a 2007 issuance from Wachovia challenged the practice.
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Fitch Ratings warned that MBS and ABS could face credit implications following cyberattacks involving the parties in structured finance transactions even when the events don’t directly lead to payment defaults.
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