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Inside MBS & ABS

May 9, 2024

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Non-Agency CMBS Surges in 1Q24, Agency Deflates

Big increases in securitization of office-property and industrial mortgages lifted non-agency CMBS issuance to $21.9 billion in the first quarter, a 68.6% increase from the prior period. (Includes two data tables.) Read More

Rocket Says There’s No Need for GSEs in the HEL Space

Rocket’s originations and secondary market sales of home equity loans are flourishing without the GSEs. It’s also not yet clear how large of a role the GSEs would have in the market for closed-end second liens. Read More

Freddie Ramps Up CRT Issuance After Lull

With Freddie finally increasing its STACR issuance in the first quarter, the GSEs’ slump in CRT activity could be abating. Older deals continue to be retired in a steady stream of tender offers by the enterprises. (Includes data table.) Read More

Acra Taps Money Manager for Non-QM Sales

Acra is once again entertaining the idea of issuing MBS through its own shelf. The wholesaler has also teamed up with a money manager. Read More

CFPB Brings Another Action Against Student Loan ABS

The new complaint against the NCSLT builds on a recent court ruling affirming that the CFPB has regulatory powers over ABS trusts. Read More

HEI Securitizations Gain Interest Among Investors

Four rated HEI securitizations have been issued since Morningstar DBRS began assessing the deals in October. Read More

Commerzbank Gets Another Shot in Crisis-Era RMBS Lawsuit

In a ruling last week, the Third Circuit didn’t seem to agree with a district court that Commerzbank is contractually barred from bringing claims against trusts for agreements with no-action clauses. Read More

Secondary Market for Farm Loans Poised for Growth

Farmer Mac President and CEO Brad Nordholm said he expects to see more business as lenders serving the rural market seek to manage their capital efficiencies, loan and deposit growth, and liquidity needs. Read More

Grapevine: Ginnie MBS and Foreign Investors; Non-QM Moves

Ginnie seeing strong demand from foreign investors; non-QM demand particularly strong in MBS market; McCargo lands at Federal Home Loan Bank of San Francisco; CMBS downgraded. Read More

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