The agency single-family MBS market is the main driver of structured finance issuance, but it recorded a decline in first-quarter production while ABS, commercial MBS and non-agency RMBS posted gains. (Includes three data tables.)
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The circuit court held that the ABS trusts are covered persons subject to the CFPB’s authority under the Dodd-Frank Act. The lawsuit could have a major impact on the broader securitization market, the Structured Finance Association warned.
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CRT deals involving auto loans typically have a pro rata structure, which can create more risks for investors than the sequential pay structure in ABS transactions. Structures are also evolving, including a deal issued by a nonbank in partnership with a bank.
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Beginning May 13, Ginnie Mae will transition to a central application system for issuer submissions of required fidelity bond, errors and omissions insurance, and financial statements.
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Two former members of the Fed’s board called for bank regulators to adjust capital requirements for MBS holdings to better account for interest rate risk.
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Home equity shared investment products are gaining acceptance, so much so that contracts are finding their way into new securitizations. BSI hopes to be a top player as an asset manager and servicer.
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