MBS, ABS Issuance

Browse articles from all of our Newsletters related to MBS, ABS Issuance.

April 29, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


April 22, 2016 - Inside Nonconforming Markets

Slight Movement in MBS Underwriting Trends

Underwriting standards on the four prime non-agency mortgage-backed securities issued in the first quarter of 2016 loosened marginally compared with the typical prime jumbo MBS issued in recent years, according to a new analysis by Inside Nonconforming Markets. The combined loan-to-value ratio on prime non-agency MBS issued in the first quarter of 2016 averaged 69.8 percent. That was somewhat higher than the average combined ... [Includes one data chart]


April 22, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


April 22, 2016 - Inside MBS & ABS

Velocity to Issue Non-Agency MBS Backed by Residential and Commercial Investment Properties

A lender that focuses on investment properties is preparing to issue a non-agency MBS backed by adjustable-rate mortgages on residential and commercial properties. The deal shares some characteristics with non-agency MBS backed by new loans, but it’s different in a lot of ways. The planned $358.60 million Velocity Commercial Capital 2016-1 received provisional AAA ratings this week from Kroll Bond Rating Agency. Residential properties account for 55.3 percent of the collateral, with small commercial properties making up the rest. All of the mortgages backing the planned MBS are for investment properties. Velocity Commercial Capital issued...


April 22, 2016 - Inside MBS & ABS

Non-Mortgage ABS Production Rebounds in Early 2016 But Fell Well Short of Volume Issued Last Year

Thanks to a resurgence of deals backed by vehicle-related financing, non-mortgage ABS production rebounded strongly in the first three months of 2016, according to a new Inside MBS & ABS analysis and ranking. But ABS issuance levels came up well short of the volume generated during the first three months of last year, and a few key segments continued to limp along. A total of $41.42 billion of non-mortgage ABS were issued...[Includes two data tables]


April 15, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance


April 8, 2016 - Inside FHA/VA Lending

GNMA Market Slumped in 1Q16, But Monthly Data Show Rebound

Ginnie Mae issued $93.41 billion of single-family mortgage-backed securities during the first three months of 2016, an 8.6 percent drop from the previous quarter, according to a new Inside FHA/VA Lending analysis of loan-level MBS data, excluding FHA reverse-mortgage activity. Early 2016 was the slowest market in a year for Ginnie MBS production, though it still was stronger than most of the agency’s pre-2015 business. And issuance in the first quarter of 2016 was 17.0 percent ahead of the volume produced during the same period last year. The soft spot in the first quarter was FHA lending, especially purchase-mortgage activity. Issuers delivered $54.44 billion of FHA loans into Ginnie MBS during the period, a 12.1 percent drop from the fourth quarter, including a 15.0 percent decline in FHA purchase mortgages. Securitization of VA loans fell by a ... [4 charts].


April 8, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


April 8, 2016 - Inside MBS & ABS

CA AG Sues Morgan Stanley Alleging False Claims, Securities Violations; Countrywide Payout is Closer

Litigation over legacy residential MBS deals that went sour in the run-up to the financial crisis continued last week, as California Attorney General Kamala Harris sued investment bank Morgan Stanley for alleged misrepresentations about RMBS investments, which she said contributed to huge losses by investors such as the state’s public pension funds. In what is just the second such use of the False Claims Act by a state, Harris’ complaint, filed in San Francisco Superior Court, alleges that Morgan Stanley violated the FCA, as well as California securities law and other state laws, by allegedly hiding or downplaying the risks of complex investments involving large numbers of underlying loans or other assets. Harris used...


April 8, 2016 - Inside MBS & ABS

Mortgage and Asset Securitization Slowed in Early 2016 Despite Uptick in Mortgage Refinance Activity

Falling mortgage rates helped spur a modest increase in refinance activity during the first quarter of 2016, but not enough to offset a slowdown in other parts of the securitization market, according to a new Inside MBS & ABS analysis and ranking. A total of $318.34 billion of residential MBS and non-mortgage ABS were issued during the first three months of the year, a 3.6 percent decline from the fourth quarter of 2015. It was the lowest amount of new issuance since the second quarter of 2014 and put the market 8.1 percent behind the level reached in the first quarter of last year. Non-mortgage ABS issuance was...[Includes three data tables]


April 7, 2016 - Inside Mortgage Finance

Despite Bump Up in Refi Market, GSE Business Volume Slowed in Early 2016 As Purchase Market Cooled

Fannie Mae and Freddie Mac saw a slight decline in their single-family mortgage business during the first three months of 2016 – in fact, it was the slowest quarter in nearly two years – according to a new analysis and ranking by Inside Mortgage Finance. The two government-sponsored enterprises issued $172.97 billion of single-family mortgage-backed securities during the first quarter of this year, a 3.4 percent decline from the fourth quarter of 2015. It was the slowest three-month volume since the second quarter of 2014, and the fourth-lowest output since the GSEs were put in conservatorship back in 2008. The slowdown stemmed...[Includes three data tables]


March 25, 2016 - Inside FHA/VA Lending

VA Jumbo Securitization Rises in 2015 Despite 4th Quarter Decline

Ginnie Mae securitization of jumbo mortgage loans with a VA guaranty rose significantly in 2015 despite a volume drop-off in the fourth quarter, according to Inside FHA/VA Lending’s analysis of agency data. Year-over-year results saw an almost 60 percent increase in Ginnie Mae mortgage securitization backed by VA jumbo loans. This was slightly dampened by 17.1 percent drop in VA MBS production in the fourth quarter from the previous quarter. All top-five VA jumbo securitizers – Wells Fargo, Freedom Mortgage Corp., PennyMac Corp., U.S. Bank, and Quicken Loans – reported significant drops quarter-over-quarter and year-over-year. Wells Fargo delivered a total of $5.0 billion in VA jumbo loans into Ginnie pools, making it the leading jumbo securitizer in that segment. This accounted for 17.7 percent of the market. Freedom Mortgage ended the year with $2.1 billion in ... [ Charts ]


March 25, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


March 25, 2016 - Inside MBS & ABS

DBRS Tops in Rating Non-Agency MBS, S&P Wins Non-Mortgage ABS Ratings Ranking

Standard & Poor’s kept its position as the top provider of ratings for newly issued non-mortgage ABS last year, although the volume of deals the company rated fell 10.1 percent from 2014, according to a new Inside MBS & ABS analysis. S&P rated ABS bonds totaling $106.86 billion in new issuance in 2015, or 61.5 percent of deals for which rating information was available. That was down slightly from its league-leading 64.1 percent share of the rated 2014 ABS market. The company’s strong suits were credit card ABS and deals backed by vehicle loans and leases. Fitch Ratings finished...[Includes two data tables]


March 25, 2016 - Inside MBS & ABS

Securitization Rate Nudged Higher in 2015, Still Well Below Post-Crisis Norm

Mortgage securitization made a small comeback in 2015, but softness in the non-agency MBS sector and higher guaranty fees required by Fannie Mae and Freddie Mac still played a huge influence in the market, according to a new Inside MBS & ABS analysis. An estimated $1.210 trillion of newly-originated home loans were pooled in mortgage securities last year, representing 69.7 percent of the $1.735 trillion in new first-lien originations. That was up slightly from the 67.8 percent back in 2014, which ranked as the lowest securitization rate since 2004, when just 62.6 percent of new originations were securitized. One issue is...[Includes one data table]


March 18, 2016 - Inside MBS & ABS

MBS & ABS Issuance at a Glance

One page of issuance data.


March 18, 2016 - Inside MBS & ABS

Issuers Cite Difficulties and Delays to Issuance Due to Reg AB2; Investors Appreciate Enhanced Protections

Issuers of publicly-registered ABS are adjusting to so-called Regulation AB2 requirements established by the Securities and Exchange Commission, but observers say the pro-investor rules have increased issuer costs and slowed issuance. One of the biggest challenges for issuers from Reg AB2 has been the requirement for an asset-representations reviewer. The rule requires publicly-registered MBS and ABS to include an asset-representation reviewer whose work can be triggered by a certain level of delinquent assets in a pool or by an investor vote. Susan Thomas, the associate general counsel of Ford Motor Credit Company, said...


Poll

Does your lending shop have any plans to make non-jumbo, non-QM loans this year? These would be loans similar to "Alt A" and subprime products made BEFORE standards were loosened severely in the 2004 to 2007 era.

Yes.

33%

No.

33%

It’s under consideration, maybe by 3Q or 4Q.

26%

We were going to until the TRID "error" mess hit.

7%

Housing Pulse