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Inside MBS & ABS

March 13, 2025

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Bank CLO Holdings Decline, More Data on Loans to CLO

Bank holdings of structured finance securities backed by business loans declined slightly in the fourth quarter, although several institutions grew their portfolios. (Includes data table.) Read More

Santander Bank Enters Expanded-Credit MBS Market

Santander Bank was the largest issuer of vehicle ABS in 2024. The bank’s non-agency MBS effort has the ability to commit $2.5 billion in capital. Read More

BHC Trading Accounts Retreat From MBS/ABS

Bank holding companies sharply reduced their trading-account holdings of MBS and ABS in the fourth quarter. JPMorgan Chase and Citi recorded significant declines. (Includes two data tables.) Read More

Credit Union Auto ABS Issuance Expected to Increase

The growth is expected to be driven by a few repeat issuers. Only three credit unions were repeat issuers in 2024. Read More

S&P, Fitch Consider Revisions to Rating Criteria

A proposal from S&P would have a wide-ranging impact on ratings of commercial MBS. Fitch is also considering allowing data center ABS to carry additional leverage. Read More

Recurring Revenue Loan ABS Issuance to Grow in 2025

Recurring revenue loans are primarily underwritten based on the borrower’s annual recurring revenue rather than on loan cash flows. RRL ABS issuance is expected to reach $14.3 billion this year. Read More

AEI Projects Savings From Eliminating Agency MBS

Some economists believe eliminating all GSE MBS would lower rates on Treasury securities and reduce the government’s borrowing costs. Read More

Analysts See Unobserved Correlation Risk in MBS

Although traditional underwriting can adequately predict and price for the risk of default on individual mortgages, large pools are subject to risks from unobserved correlations between those loans. Read More

Grapevine: FICC Proposes Charge; New Securitization Service

FICC proposes volatility event charge; securitization-as-a-service offering from Financely; Morningstar acquires DealX. Read More

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