Most REITs reported substantial increases in their agency MBS holdings during the third quarter, although a few firms pulled back. Non-agency MBS were up slightly; MSR declined.
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S&P remained the top provider of ABS ratings at the nine-month mark despite a 24% drop in the third quarter, while Fitch held its lead rating residential MBS. (Includes two data tables.)
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The data tape is designed to replace the data tape established by the American Securitization Forum in 2009, providing more standardization to the prime non-agency MBS market.
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A AAA-rated tranche of a commercial MBS issued after 2010 suffered losses recently, a first for the market. The Financial Stability Oversight Council said such losses are not likely to be widespread.
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At yearend, traders and lenders are trying to get a handle on the direction of interest rates, with geopolitical events potentially playing a larger role than originally thought.
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A loan for the Fontainebleau Miami Beach Resort will back a $975.0 million commercial MBS. The venue hosts the ABS East conference and is adding to its convention space.
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Officials at Rithm Capital believe that regulatory uncertainty will lead banks to sell more assets through asset-based finance structures, turning to asset managers like Rithm.
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Associated Banc-Corp will take a loss in the fourth quarter; Chase packages seasoned jumbos in non-agency MBS; Octane Lending expands ABS issuance; another whole-business ABS from Jersey Mike’s.
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