Wells Fargo moved deeper into Ginnie Mae pass-throughs while JPMorgan Chase upped its holdings of GSE pass-throughs. Bank of America, Charles Schwab and U.S. Bank all reduced their MBS holdings in the second quarter. (Includes two data tables.)
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Portfolio restructuring by the Federal Reserve accounted for about a third of new Fannie and Freddie Supers issuance in the second quarter, but volume is slowing down. (Includes two data tables.)
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Money managers overweight with agency MBS are looking to reduce their exposure, creating new investment opportunities for other segments of investors.
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A task force at the National Association of Insurance Commissioners recommended adoption of a proposal to alter credit ratings on investments at insurance companies. However, NAIC didn’t move forward with the proposal at a meeting last week.
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CMBS collateral saw $842.6 million in new appraisal reduction amounts in the first six months of this year and may double the 2023 total by yearend, putting pressure on recoveries.
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Used equipment inventories are on the rise, adding to other agriculture equipment ABS risks posed by high interest rates and lower equipment demand, according to Moody’s Investors Service.
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